Selling your business at its true value

29.03.19 / Insight posted in KS Comments

Businesses are passionately founded to deliver an efficient and effective service to clients, so planning for a future sale is not a top priority. However, such planning can reveal the true value of a business. Marc Fecher explains how Kingston Smith’s corporate finance team can help business owners achieve the right price for their business:…

READ MORE

Brexit delays probate fee increases

29.03.19 / Insight posted in KS Comments

Parliament’s time has been overwhelmed by Brexit, delaying the new probate fee increase indefinitely. Initially expected to be in place by 1 April 2019, the fees would see probate prices rise to a minimum of £250 from the existing fee of £215, potentially reaching a £6000 maximum charge. Lynne Rowland explains: “For executors and bereaved…

READ MORE

Entrepreneurs’ relief wrongly dubbed as Britain’s “worst tax break”, says tax partner Mark Fielden

05.02.19 / Insight posted in KS Comments

The annual cost of Entrepreneurs’ Relief, recently revealed by HMRC to be £2.4bn, has been widely and wrongly criticised, says Mark Fielden a tax partner with Kingston Smith. “It is government policy to support those building businesses, but why not also see ER as an equally valuable way to reward entrepreneurs at the end of…

READ MORE

Higher rate tax payers missing-out on pension and gift aid tax relief

23.01.19 / Insight posted in KS Comments

“Employees who have been automatically enrolled into a workplace pension do not realise that they may need to claim tax relief on the contributions to their pension scheme as it is not given automatically,” says Tim Stovold, head of tax at Kingston Smith. “Many employers operate ‘relief at source’ schemes where they deduct 80% of…

READ MORE

New relief for company contributions to grassroots sports: Jamie Whale, Tax Manager, comments

29.01.18 / Insight posted in KS Comments

The 2017 Finance Bill introduced a new relief for companies. It allows a deduction from total company profits for donations to grassroots sports that are made from 1 April 2017 onwards. Relief continues to be available where the recipient is a charity. But this new relief will apply in situations where the recipient is not…

READ MORE

Property Update – Changes to FRS 102 – hot off the press

15.12.17 / Insight posted in Articles, KS Comments

Yesterday, the Financial Reporting Council released amendments to FRS 102, the accounting standard that now applies to the majority of UK businesses. We are pleased to see the relaxation of some of the more onerous requirements of FRS 102 and the deferral of aligning lease accounting with new IFRS requirements (bringing an asset and liability…

READ MORE

Toying with us at Christmas – Ian Robert comments on Toys R Us UK’s proposed Company Voluntary Arrangement

05.12.17 / Insight posted in KS Comments

Just weeks after its US operation filed for creditor protection under Chapter 11, the UK business of Toys R Us is hoping to enter a Company Voluntary Arrangement. This will undoubtedly try to distinguish between the more profitable smaller and more centrally located stores and the less desirable warehouse out-of-town leases. While landlords will be…

READ MORE

PR Week: Bell Pottinger in administration, what’s next?

20.09.17 / Insight posted in KS Comments, Articles

Esther Carder has commented in PR Week on Bell Pottinger’s having passed into administration: “Whether anyone will be prepared to buy business [i.e. client relationships] that they could potentially just take on within a new or existing PR shop is doubtful, given so many clients and key personnel have already left. The value of a…

READ MORE

Businesses risk unlimited fines over failing to prevent tax evasion

15.09.17 / Insight posted in KS Comments

“Businesses have until the end of the month to put in place measures to ensure individuals working for them do not facilitate tax evasion. Perhaps because of limited resources, SMEs have largely ignored this deadline and have put themselves at risk of unlimited fines,” says Tim Stovold, head of tax at Kingston Smith. “Some SMEs…

READ MORE

Lush Cosmetics case highlights issues with share valuations

11.09.17 / Insight posted in KS Comments

“A recent case has highlighted that references in a company’s articles or shareholders’ agreement to ‘fair value’ as the basis of valuing shares can give rise to problems,” says tax partner Mike Hayes. “‘Fair value’ will usually be a higher price than ‘open market value’.  Whilst that might be what the parties want to achieve…

READ MORE