Insights

How can Partners Expenses be relieved? It has been HMRC’s longstanding practice to accept that such expenses are deductible for tax purposes if they are incurred wholly and exclusively for […]

Since 2016/17, in order for relief to be available to partners, each and every individual partner will need to make their own Gift Aid declaration for all donations. Each declaration […]

The underlying rule is that expenses must be ‘wholly and exclusively’ for the purpose of your trade and evidence must be available should HMRC request it.  Such expenses are generally included within […]

Prior to 2014, this tax treatment of LLP members meant that each and every individual member of an LLP was taxed as if they were a partner in a traditional […]

There are a number of key tax and legal differences to consider when your status changes from that of an employee to becoming a partner in a partnership. The following […]

The Mixed Membership Partnership legislation applies to partnerships or UK LLPs whose membership includes both individuals and members who are not individuals. The Mixed Member Partnership legislation applies to prevent […]

The Chancellor of the Exchequer, Rishi Sunak, announced the budget statement and rather than focusing on quick tax takes now, he is encouraging all to plan for the long term, […]

On the whole the budget announcements were positive for the property and construction sector. Whilst an inevitable increase in the rate of corporation tax was announced, this was balanced by […]

The headline issue for the sector was the increase to corporation tax rates and whilst this will significantly affect profitable businesses in the future there is at least a road […]

IR35 changes The changes that are coming into force are confirmed as going ahead on the 6 April 2021 Andrew Brookes, senior manager, said: “Those businesses that have not yet reviewed […]

The key message of the Chancellor’s budget statement was to encourage businesses to invest now, whilst leaving a careful warning that they will have to begin paying for the costs […]

There has been a surge in holiday bookings following the recent announcement of the lockdown exit plan. The temporary reduced rate of VAT at 5% applies to holiday accommodation such […]

Law firm management teams will be watching Rishi Sunak’s Budget with their clients in mind as well as to understand the impact on their Firm. Will the stamp duty holiday […]

Distinguish the signs of financial distress Usually when a business is in financial distress, it experiences a decrease in revenue and difficulties with paying creditors, which could be more prevalent […]