Understanding the new pay offer for NHS consultants
Larking Gowen Insights
Medical specialists Louise Dean and George Crowe discuss the new pay offer for NHS consultants in England. The key changes proposed include a minimum 6% pay rise for all consultants, a new pay progression system based on skills and experience, changes to the Clinical Excellence Award schemes, and modifications to the doctors and dentists review body. They also explore the potential impact of the pay rise on take-home pay and tax burdens, particularly in relation to annual allowance charges. GET IN TOUCH! If you have any questions on today’s episode, and would like us to get in...
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UK Election Manifestos – what will they mean for tax and education?
Larking Gowen Insights
In this episode, specialists Gilly McGill, Giles Kerkham and Dominic Carter dive into the latest election manifestos from the main UK political parties, exploring their key proposals and common ground in relation to tax and funding. VAT Director Gilly and Tax Partner Dominic explore the fiscal strategies of the parties, highlighting their promises not to raise income tax, corporation tax, VAT, or national insurance contributions. Instead, they plan to increase revenue by addressing the tax gap and tackling tax avoidance, and abolishing the current regime for non-domiciled individuals, and...
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Further education and the complexities of VAT
Larking Gowen Insights
This week, VAT Director Gillian McGill and Not for Profit Partner Giles Kerkham discuss the challenges faced by colleges in the UK in relation to finances and VAT treatment. They consider the recent recategorisation of colleges, new requirements and financial controls, difficulties with borrowing and refinancing, challenges with capital funding and the campaign for changes. They also reflect on the complexities that the sector faces in managing VAT reporting, and compare this with the position for other education providers. For further information on today’s topic, and how we...
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BONUS - SRA Account Rules 2023 with PrimeGlobal
Larking Gowen Insights
Legal experts and independent members of gathered recently to reflect on the conclusion of the 2023 SRA Account Rules period and analyse the latest trends they have seen emerge. Their discussions included the move towards automation, the decline in pink slips and clerical errors, changes in interest rates, partial VAT exemption, reconciliation challenges, and the potential for more training. They also reflected on the adaptations made since the 2019 alterations, considering the impact of the pandemic and the resulting shifts in work patterns. Join Claire Watkins from Buzzacott, Veronique...
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Basis Period Reform – what it is and how it impacts you
Larking Gowen Insights
In this conversation, Emma Walker, Jamie Butcher and Laura Clayton discuss the basis period reform and explain the historical taxation of sole traders and partnerships based on their year-end profits and the double taxing of profits (overlap profits). They address the changes in the basis period reform to simplify and make the taxation process fairer, and also cover the calculation of business profits, treatment of losses and the options available for spreading of transition profits. They also highlight the importance of changing accounting year ends and cover the tax issues farmers and those...
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Charity FUNDcast: 4. Make the most of Gift Aid
Larking Gowen Insights
In the last episode in the Charity FUNdcast mini series, Emma and Giles explore the value of Gift Aid to charities; the decline in the number of charities claiming it; and the relationship between payroll giving and Gift Aid. They explain how it works, the Gift Aid Small Donation Scheme, and the rules and common errors in claims. They also discuss corporate Gift Aid donations, cash donations, auctions, gifts to donors, and the future ways to maximise its benefits. #TicktheBox GET IN TOUCH! Click to contact Emma, or for Giles, or find out more about how our team of specialist charity...
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Charity FUNDcast: 3. Trustees and the use of crypto and AI tools
Larking Gowen Insights
In this episode, Emma and Giles discuss the impact of how new AI and cryptocurrency is impacting charities. They explore the definition of cryptocurrencies and how they’re used for transactions and donations; look at examples of charities that have accepted crypto donations; and highlight the benefits and challenges associated with them. They discuss the risks and considerations for charities when accepting crypto, including transparency, volatility, and environmental impact. They discuss the guidance provided by the Charity Commission and how AI technologies, specifically Chat GPT, and its...
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Charity FUNDcast: 2. Setting up a new charity? Know your CICs from your CIOs
Larking Gowen Insights
In this episode, Emma and Giles discuss the best legal structure for a new not-for-profit enterprise, focusing on the differences between Community Interest Companies (CICs) and Charitable Incorporated Organisations (CIOs). They go through the practical differences, how to access funding, tax reliefs, remuneration and changing from a CIC to a CIO. They also outline the setting up processes, governance requirements, and social aims to be considered. GET IN TOUCH! Click to contact Emma, or for Giles, or find out more about how our team of specialist charity advisors can help you and your...
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Charity FUNDcast: 1. Myth busting
Larking Gowen Insights
In this special Charity FUNdcast miniseries, Not for Profit specialists, Emma Hayward and Giles Kerkham, will deliver a series of updates for those working in or aspiring to work in the charity sector. Whether looking for technical updates or inspiration, there’ll be something for everyone, covering topics such as AI, myth busting, maximising gift-aid, social enterprise alternatives and more. In this first episode, not-for-profit experts Emma and Giles discuss the common myths surrounding charities and how to combat them. They address misconceptions about overheads, executive salaries,...
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Going it alone as a locum GP
Larking Gowen Insights
If you’re a salaried doctor looking to go self-employed or to set up as a limited company, then this episode with medical specialist, Jamie Butcher, is for you. She chats to senior accountant, Jo Benton, about what steps you need to consider in regard to tax and savings, pensions, mortgages, student loans, National Insurance and tax liability you might face. They also discuss what happens if you take on self-employed work whilst also salaried, what practical things are needed when you make the transition, the impact of Making Tax Digital and the factors involved in setting up as a limited...
info_outlineEmployment Tax Specialist Tessa Brown is getting in the festive spirit this week, and what’s more festive than tax!
Many businesses will be looking at handing out gifts and throwing parties for their teams over December, so Tessa outlines all the important HMRC info they need to consider. She explains the definition of Trivial Benefits and Annual Functions Exemption as well as the implications of employees receiving gifts from third parties.
She also discusses the impact of PAYE settlement agreements and a few VAT and Corporation Tax considerations.
Okay, so not really very festive - we know! But these factors are important to consider to avoid any complications further down the line, particularly for new business owners. You can find Tessa's details on the Our People section of our website here please reach out if you’d like to speak to our specialists, or you can go straight to our Tax page here.
GET IN TOUCH! If you have any questions on today’s episode, and would like us to get in touch, email us at [email protected].
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For further information on today’s topic, and how we can help support you and your business, visit us at www.larking-gowen.co.uk
You can find more episodes from this series on our website larking-gowen.co.uk/LGI
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