Insights

So, we filed our 2018 tax return in January, considered some useful tax planning in February, and while we wait and see what happens with Brexit, let’s focus on being proactive in our business in 2019.

MHA Larking Gowen has commissioned an adventurous Elmer from artist Jade Dye, for this summer’s Elmer’s Big Parade Suffolk campaign in aid of St Elizabeth Hospice. “My design is inspired by my love of Fantasy art,” explains Jade Dye, who works as a web developer at the University of Suffolk

Charities with total turnover above £200,000 can undertake non-primary purpose trading of income up to £50,000 and benefit from tax exemption (trading towards their primary charitable purpose can be at any level).

The question of tax relief on grain stores has puzzled practitioners for some years. The Structures and Buildings Allowance may now be available for new buildings but relief is limited to 2% a year. 

We are pleased to announce that our 13th annual Tourism and Leisure Business Survey is live.  

Now in its 13^th year, the annual tourism and leisure business survey asks all businesses from the tourism, hospitality and leisure sector to join forces and take part.

In my previous blogs I discussed CEO fraud and vishing as two types of scams which your legal practice could fall into the trap of. In this update I look at a further scheme that legal firms should be aware of.

Charity fundraisers need be aware of two changes to tax relief thresholds that apply from 6 April 2019. Charities often encourage donations by giving a small reward to their donors. Where this is more than token value, this needs to be measured and assessed against value thresholds to make sure that gift aid can still be claimed.

Charity trustees tend to delegate management and the day-to-day running of the charity to its employees and management team. However, ultimately the responsibility lies with trustees, therefore they must make sure that the charity has systems and controls which are designed to mitigate the risk of fraud.

Welcome to part two of our five part insolvency blog covering the most frequently asked questions around insolvency and liquidation.

Indeed, when marketing a business for sale, we will put our name in the NDA rather than our client’s name, and will not reveal the client’s name to the buyer until after the buyer has signed it.

Now tax returns are hopefully out of the way, it’s an ideal opportunity to think about some potential tax saving ideas. 

The latest MHA Manufacturing and Engineering Report confirms small and medium-sized enterprise (SME) manufacturers in the East Anglian region remain optimistic and confident about future growth, despite the uncertainty surrounding Brexit, rising production costs and skill shortages.

Welcome to 2019 and our new publication, ‘Using conflict as a catalyst for change: a guide for embracing, managing and mitigating conflict within your charity’. We think it’s an excellent document, and I hope you find it a useful tool to benchmark current practice and identify actions.

The Solicitors Regulation Authority’s (SRA) proposals, under its ‘Looking to the Future’ reforms, include important changes to the Solicitors Accounts Rules (SAR). The date to apply these changes is likely to be April 2019.

HMRC are currently investigating 171* professional football players, up 90% from just 90 football players under tax investigation in September 2017, as they look to crack down on the misuse of image rights payments, and increase revenues from the industry. 

Welcome to part one of our five part blog covering the most frequently asked questions around insolvency and liquidation. For further advice about any of the topics covered in our insolvency blogs or regarding a specific scenario, please contact our insolvency & recovery specialists.

Just because they are working for you doesn’t mean they’ve revealed their true financial circumstances. Perhaps they have inherited money, have significant equity in their homes, or have simply saved and invested wisely over the years.

HMRC have increased their investigations into inheritance tax (IHT) as they look to squeeze more from compliance activities in this area. 5,400* families were investigated by HMRC over their inheritance tax returns last year, up 5% from 5,100 in 2016/17.

If your company is involved in research and development (R&D), the Government’s R&D tax credit incentive could provide a valuable source of tax relief. What exactly is R&D, why is the tax relief so beneficial and what costs qualify for this under-utilised tax relief?

If you’re an entrepreneur, you could consider New Year’s resolutions for your business. Here are a few suggestions to think about.

On 1 January 2019, the Annual Investment Allowance (AIA), which is available for businesses to claim on their expenditure on plant and machinery, will temporarily increase from £200,000 to £1,000,000 for two calendar years.  We discuss how this change impacts businesses. 

Figures released on 14 December by the Department for Environment, Food and Rural Affairs (DEFRA) suggest that farm incomes for 2018 will be down by some £860m, a reduction of over 15%.

Most people don’t like to think about their own mortality, but planning for the future is important to make sure your property, money and possessions are distributed the way you intend. Writing a legally valid will is an essential part of this, and can provide peace of mind for you and your loved ones.

Unfortunately, only a minority of healthcare practices have experienced a smooth and problem-free couple of years when it comes to the outsourced function of Primary Care Support England (PCSE). PCSE operates the collection of superannuation and initial processing of certificates (which has been outsourced to Capita).

It’s safe to say that most business owners would like more time for themselves and more money from their business. It’s becoming apparent that most businesses can achieve this through the use of digital solutions software and the automation it provides.

All trustees have a legal duty to act only in the best interests of the charity. Trustees’ personal and professional connections can bring benefits to the work of a charity, often forming part of the reason why an individual was asked to join the trustee body. 

This was Philip Hammond’s third Budget as Chancellor and the second autumn one. Unusually, it was presented on a Monday, apparently wishing to avoid any Halloween references had he held it later in the week. He also slipped in a few jokes, as has become his tradition.

Among the more minor changes introduced in Autumn Budget 2018 were some proposed alterations to the capital gains tax (CGT) regime, which were labelled as “Private residence relief: reform of ancillary reliefs.” These have been seen primarily as a further attack on the private residential lettings market.

Let’s face it, selling a business is often the most important deal a business owner will ever be involved with, so it’s vital to get the right support to achieve a successful outcome.

For most farms and agriculture businesses, the key announcement of the 2018 Budget is the increase in Annual Investment Allowance (AIA). However, there’s always a catch or, in this case, a few of them, so plan carefully to avoid tripping over.