Insights

As another season of Solicitors Accounts Rules (SAR) audits draws to a close, I’ve observed some trends and key problem areas that keep cropping up. In this blog and my next, I’ll discuss how to avoid or overcome these common problems.

East Anglian based chartered accountants, MHA Larking Gowen, is proud to be announced regional winner of the Workplace Wellbeing Award in the British Chamber of Commerce ‘Chamber Business Awards 2018’, it has been announced today.

As we move into the period of autumn cultivations, and clients continue the search for ways to cut a cost here and there, some will look in the barn, consider the cost of fresh seed, and decide that maybe this year they’ll take some of their own best sample, have it dressed and save a few pounds.

HMRC recently held a consultation requesting views on the proposed introduction of a reverse charge mechanism to combat VAT fraud in the construction sector.  Following its conclusion and analysis of feedback, HMRC have published draft legislation in the form of a Statutory Instrument, which will become section 55A of the VAT Act 1994 with effect 1 October 2019.

Making a payment of any sort to a trustee of a charity can be fraught with difficulties, especially when one of the defining aspects of the charitable sector is that trustees aren’t (usually) paid.

Eight runners from MHA Larking Gowen entered the Great East Half Marathon, which took place in Ipswich on Sunday.

The dedicated team ran the gruelling course raising money for Elmer’s Big Parade Suffolk in aid of St Elizabeth Hospice, which supports people with a progressive or terminal illness.

It may seem obvious but selling shares in a company will generate either a gain or a loss, which means you need to think about Capital Gains Tax. Calculating the capital gain on shares sales is very straightforward.

Is your current business structure still right for you? Circumstances may change so it’s important to review your structure from time to time. In recent years, the driver might well have been saving ‘tax’, which prompted many businesses to become limited companies. 

We are proud to announce that the MHA Larking Gowen Corporate Finance team have been shortlisted for two categories in the Insider Central and East Dealmaker Awards 2018

Over recent months, we’ve seen a variety of media reports of tax avoidance and evasion; from global international businesses not appearing to pay their fair share of tax, to celebrities who become involved in “schemes” that promise that no tax will be payable in exchange for a management fee. 

Teams from 18 local businesses took part in a crazy golf challenge at Ufford Park Hotel in Woodbridge on Tuesday raising over £1,500 in support of Elmer’s Big Parade Suffolk, the next big art trail organised by St Elizabeth Hospice.

Chartered accountants and business advisors MHA Larking Gowen has launched a new market-leading benefits package for its people. 

MHA Larking Gowen is delighted to welcome personal tax specialist, Sally Farrow, as head of its Personal Tax team in Norwich. Sally, who is a Chartered Tax Advisor and member of the Society of Trust and Estate Practitioners, originally trained with MHA Larking Gowen, and now returns as Senior Tax Manager, after a number of years with a national accountancy firm.

MHA Larking Gowen are pleased to welcome 17 new trainees for 2018. For over 100 years MHA Larking Gowen have welcomed new trainees to their professional training programmes. With the exception of the War years when the country’s young were recruited for the war effort the firm has consistently trained groups of A Level and University graduates who have gone on to have long and fulfilling careers in the profession.

HM Revenue & Customs (HMRC) have taken to highlighting their recent success rate in court actions and litigation in warning letters to taxpayers, deterring them from letting the case reach court. This has led to more and more taxpayers settling up with HMRC to avoid lengthy and expensive court cases.

Bury St Edmunds and Beyond, the official tourism brand for Bury St Edmunds and surrounding area, are inviting tourism and business professionals to come along to meet their members which include accommodation providers, visitor attractions, food and drink providers, plus partners they are working with to promote the area.

Communication in the workplace has changed and video conferencing, skype, laptops and mobile phones have made flexible working the new normal. It isn’t at all unusual for employees to work from home using their existing personal phone and internet connections for business. So, is it possible for employers to reimburse them for any extra costs?

Not managing risk effectively can have dramatic consequences for an organisation. Tragedies such as Grenfell Towers demonstrate the severity of not having a robust process that can react to the concerns of beneficiaries.

The MHA Larking Gowen City of Norwich Half Marathon has selected East Anglian Air Ambulance as its new charity partner ahead of the next year’s race on April 7th. Now in its 34th year, Norfolk’s biggest road race attracts a field of 3,000

In June, Michael Gove announced that the 2018 Agriculture Bill was likely to be presented in July. However, as we now know, this has been delayed until September, presumably with a view to clearing the decks in one area of Brexit as soon as possible

Eleven runners from MHA Larking Gowen are entering the final phase of training for the Great East Half Marathon, which takes place in Ipswich on 16th September this year, raising money for St Elizabeth Hospice. 

Have you noticed that a number of legal firms are changing or talking about changing their structure and have you wondered why? From the conversations we’ve had with legal firms, there seem to be several reasons.

Britain’s farmers are generally feeling more optimistic about the future than they did in 2017, according to a survey conducted by MHA, the UK-wide group of accountancy and business advisory firms.

HMRC have been targeting restaurant and takeaway businesses as they believe they are more likely than most to under-declare income. 

The Insolvency Service have released the latest data on company and individual insolvency numbers in England & Wales. The statistics cover the period from April to June 2018 (Q2 2018).

Place yourself in a buyer’s shoes; what aspects of your business really stand out and make it attractive for them to buy? It could be such things as intellectual property, product or service benefits, locations, brand and reputation, price point, market knowledge and customer service levels.

East Anglian accountants and business advisors, MHA Larking Gowen, has been shortlisted in the Best Rural Professional Services category of the Rural Business Awards for the eastern region.

HMRC have issued Brief 7 (2018) confirming the VAT position when contributions are made by motor dealers towards the price of a customer’s car.

Following the conclusion of the “Health and Harmony” consultation the Government will, amongst other minor issues on its agenda, “introduce an Agriculture Bill that breaks from the CAP, providing the United Kingdom with the ability to set out a domestic policy that will stand the test of time.”

HM Revenue & Customs’ (HMRC) Executive Chairman Edward Troup has warned taxpayers that HMRC will not compromise when taking legal action against them.