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What To Do When A Key Team Member Leaves

People move jobs more frequently these days. Here’s what to do when a key team member decides to move on. As talented employees grow and develop in their careers, it is inevitable that some will decide to branch out and move to another company. Be supportive Congratulate them on their new opportunity. Thank them for […]

Read more August 20th, 2019

Inheritance Tax To Be Simplified

The Office of Tax Simplification (OTS) have undertaken a detailed review of Inheritance Tax (IHT), which is perceived by many as a complicated tax. The government normally takes account of OTS recommendations and their report is likely to lead to future changes to the rules. We will keep you posted as the changes may mean […]

Read more August 12th, 2019

Inheritance Tax Relief For Businesses And Farms

There is currently a very generous 100% relief from inheritance tax for passing on businesses and farmland during lifetime and on death. The rationale for Business Property Relief (BPR) and Agricultural Property Relief (APR) is to enable businesses to be passed on without the need to sell off assets to pay the IHT due on […]

Read more August 12th, 2019

Company VAT Penalty Can Be A Liability Of An “Officer”

A recent case before the tax tribunal saw the liability for a late VAT registration penalty being passed on to a manager of the company. HMRC have the power to impose such a penalty on an individual where: There is a penalty payable by the company for a deliberate failure The individual on whom HMRC […]

Read more August 12th, 2019

CGT Property Relief Changes

CGT Private Residence Relief Draft legislation to be included in the next Finance Bill will make important changes to the calculation of Capital Gains Tax (CGT) private residence relief. As announced in the Autumn 2018 Budget, there will be a reduction in the final period exemption to 9 months, with stricter conditions for letting relief […]

Read more August 9th, 2019

Off-Payroll Working Rules (IR35) Going Ahead

The draft Finance Bill clauses issued for consultation on 11 July include legislation to extend the “off-payroll” working rules to the private sector from 6 April 2020. These changes will have significant implications for workers providing their services through personal service companies and also the end-user organisations that engage such workers. End users will be […]

Read more August 8th, 2019