Avoid losing your French property by creating a Will, warns Kingston Smith

21.05.19 / Insight posted in KS Comments

Lynne Rowland, private client tax partner at Kingston Smith LLP, highlights the difference between French and English inheritance tax. “Many English owners of French properties do not realise that if they were to die owning property in France, French law could dictate who inherits it – irrespective of the wishes of the deceased,” says Lynne.…

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The Times: Richer Sounds employees reap the benefits of ownership trust, says Mark Fielden

15.05.19 / Insight posted in KS Comments

Julian Richer, owner of Richer Sounds, will pass control of his company to staff in an employee ownership trust. Richer has previously argued that a happy workforce leads to a more successful business and the £3.5 million he is giving to staff from his shares echoes this philosophy. Tax partner at Kingston Smith, Mark Fielden,…

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Kingston Smith says HMRC is the winner as record number draw-down from their pension pots

30.04.19 / Insight posted in KS Comments

Following the introduction of the pension freedom rules in April 2015, figures released yesterday* show a big jump in people raiding their pensions during 2018/19. “A total of 539,000 people drew money from their pension in excess of their tax-free entitlement – a 44% increase from the previous year,” says Tim Stovold, head of tax…

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Citywire: Thorough planning can enhance tax relief, advises Lynne Rowland

30.04.19 / Insight posted in KS Comments

Private client tax partner, Lynne Rowland, outlines how comprehensive planning can improve tax benefits when donating to charitable causes. Various factors apply to qualify such donations for tax relief, including a gift aid declaration made from the donor. The definition of a gift also needs to be taken into consideration when planning. Such a gift…

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Financial Times: Capital gains tax payments have risen due to a variety of factors, explains Tim Stovold

24.04.19 / Insight posted in KS Comments

Increased capital gains tax payments have been prompted through UK buy-to-let property landlords selling their estates. Kingston Smith’s head of tax, Tim Stovold, comments how the EU referendum may have effected such an increase due to UK property being cheaper thanks to the weak sterling. Mirroring the capital gains tax payment increase is the money…

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Taxation: Understanding partner expenses, by Andrew Constable

16.04.19 / Insight posted in KS Comments

The Partnership Act 1890 defines a partnership as “the relation which subsists between persons carrying on a business in common with a view of profit”. With this in mind, partners are presumed to accumulate personal expenses for business purposes. Andrew Constable, tax partner at Kingston Smith, highlights the best practice when it comes to partner…

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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:…

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Financial Times: Brexit delays probate fee increases, says Lynne Rowland

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…

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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…

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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…

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