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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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…

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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…

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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…

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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…

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