Insights

Employers are understandably attaching considerable importance to the Government’s announcement of support in the face of the COVID-19 crisis. 

If COVID-19 has affected your company and you need more time to file your accounts at Companies House, you can apply for an extension.

This guidance has been prepared to help reduce the impact that may be caused by your current payroll process being disrupted.

Our people and clients' health and safety are paramount, therefore, in accordance with government recommendations on implementing social distancing, we have taken the decision to close our offices to visitors. Our people will now be working from home and our offices will be closed from 5pm on Monday 23 March. 

The Government’s series of measures to support businesses in response to the COVID-19 pandemic is unprecedented. 

We know that charities working with some of our society’s most vulnerable people, are looking for the detail behind government announcements on COVID-19 support and, specifically, advice on accessing funds. To this end, we include below the most recent advice from Charity Tax Group (which MHA Larking Gowen is a member of). We particularly
recommend that charities look up the CTG information hub for latest updates.

During uncertain times it’s essential that business owners can keep track of their business’s financial performance in order to instil stability and minimise disruption.

There’s no doubt about it, the COVID-19 pandemic is deeply concerning for everyone. And it is everyone! Other than World Wars, it’s difficult to think of anything which has or ever will affect so many of us across the world simultaneously. 

It was announced yesterday evening that the IR35 reforms, due to be brought in next month, will be deferred for a year. These reforms related to medium and large businesses that engage workers through intermediaries (typically personal service companies). IR35 reforms will now be deferred until 6 April 2021.

Last night Rishi Sunak, the Chancellor, arguably went further than any peace time Chancellor before him, in the support he announced for the economy.

If you’re a trustee of an offshore trust or receive a payment from an offshore trust, you may think you don’t need to pay UK inheritance tax (IHT). However, in certain circumstances, inheritance tax is due. We recently advised the trustees of an offshore discretionary trust about their UK inheritance tax obligations.

Following the release of the Budget (11 March 2020) the main headline that had business owners and professionals within M&A waiting with baited breath, finally hit.

After decades of watching Budget presentations which ended with a the “sting in the tail” one almost felt that Rishi Sunak must have lost the back page of his speech whilst on the way to the despatch box.

The chancellor delivered his budget speech yesterday and what a speech it was!  There were tax freezes, new surcharges, threshold amendments, brilliant one liners and more.

Watch the recording from our Budget webinar, where our tax experts shared their understanding of Budget announcement from Rishi Sunak on Wednesday 11 March 2020.

This Summary covers the key tax changes announced in the Chancellor’s speech and includes tables of the main rates and allowances.

At the back of the Summary you will find a calendar of the tax year with important deadline dates shown.

Missed the Budget speech from Chancellor Rishi Sunak earlier? Here is a handy summary of our 10 key highlights from the announcement

This afternoon, Rishi Sanuk, the Chancellor of the Exchequer delivered his first Budget. There was lots on insightful content, of which our tax experts will give their thoughts on tomorrow during our budget Review Webinar, but I wanted to highlight an announcement that affects the medical sector about the annual allowance threshold. 

Good planning for the year end will make sure your company pays no more tax than it needs to.

The changes to IR35 from 6 April 2020 will have widespread application across many industries, including the automotive sector. The affected industries are those that rely on engaging temporary workers either directly or via agencies.

MHA Larking Gowen Partner, Julie Grimmer, heads the not-for-profit and education practice, joining the firm as a trainee in 1984. She was promoted to manager, then senior manager and had two periods of maternity leave, becoming the firm’s second female partner in 2006.

Those of us living in rural areas may well be familiar with the delights of the domestic septic tank. Where mains sewers aren’t available, properties will have an underground tank where domestic waste water is accumulated, and periodically collected by what was once known as the ‘honey cart’. 

Amanda Ninham has a wide remit as MHA Larking Gowen head of human resources. She joined the firm four years ago, and has been instrumental in our award-winning approach to employee engagement.

MHA Larking Gowen Partner, Lizzy Lloyd, heads the medical accountancy team in the south of the region, and has overall responsibility for the firm’s IT strategy.

The many businesses who started submitting quarterly VAT returns from 1 April 2019 are approaching the first anniversary of Making Tax Digital for VAT. You’ve no doubt got to grips with the process now.

MHA Larking Gowen Partner, Becky Ames, leads the Business and Private team based in Suffolk, advising owner-managed businesses on all aspects of accounting and tax, and developing her team to help them achieve their ambitions

To mark International Women’s Day on 8 March, five women from across MHA Larking Gowen reflect on their careers.

The eighth MHA legal benchmarking report is now available.

Latest figures, from the Ministry of Justice, confirm that only 9% of Grants of Probate, in the last nine months, have been issued within the Government’s target of ten working-days. The average time for Grants to be issued fell from ten weeks over the summer to eight weeks in December, including those which were returned due to errors or omissions on the applications.

On Wednesday 11 March 2020, Rishi Sunak will deliver his first Budget for the new Boris Johnson Conservative Government. This will be the first Budget since Philip Hammond’s on 29 October 2018 and as usual, the rumour mill has swung into action over what will be included.