Tolhurst Fisher has long been sponsors of local rugby club Westcliff RFC and last weekend saw them host their annual mini’s festival, of which Tolhurst Fisher was the principal sponsor.
This year we looked to do something a little different and alongside sponsoring and producing the programmes we arranged for an award to be presented. The Tolhurst Fisher Fair Play Award was to be awarded to the club that played with the biggest smile and showed the greatest sportsmanship throughout the day.
Despite the hailstones and rain our Chris Bard, alongside the referees for the day, set about to find the club that deserved to win the award the most.
We are pleased to announce that Ongar were the overalls winners of the Fair Play Award. We congratulate them and all of the other teams on their efforts at the festival.
Tuesday, 25 March 2014
Thursday, 6 March 2014
UPDATE - LLP Tax Changes
This post is an update to our previous blog post which you can find here.
HMRC has now published its revised guidance on the new tax rules for salaried members of LLP’s. HMRC has refused calls to postpone or scrap these changes, but has made some small concessions.
LLP members will have to satisfy at least one of the three following conditions to prove that they are a true partner in the business. The revised guidance provides some clarity in the interpretation of each condition as follows:-
Condition A – Disguised Salary
A member must receive a variable profit share based on the overall performance of the firm.
HMRC will be looking for a reasonable expectation that at least 20% of a member’s reward for services will be a share of the overall profits of the firm.
Condition B – Significant Influence
A member must have significance influence over the affairs of the firm.
HMRC provide examples of those who do have a significant influence including those involved with the management of the business as a whole or senior members who may have not have day to day management, but their role means that they can still exert significant influence. There is no line in the sand as to the number of members which can exist consistent with all of them having significant influence, this will vary from firm to firm.
Condition C – Capital Contribution
A member must contribute at least 25% of their salary to the capital of the firm.
HMRC recognises that many firms will struggle to obtain loan finance by 6th April 2014. In order to avoid a position where a member may be treated as an employee for a short period whilst they obtain finance in order to invest capital, HMRC is giving a three month grace period. Provided that there is an unconditional commitment to make such a contribution by 6th April, and that contribution is then made within 3 months, this condition will be satisfied.
What to do next?
It is important to review your existing partnership structure with a view to making any necessary changes in order to keep your structure in line with these changes and therefore, mitigate any unnecessary additional tax liabilities taking effect from 6th April 2014.
Tolhurst Fisher acts for a number of professional partnerships and can assist you in reviewing and your existing agreements and amending as necessary. Please contact our commercial team by emailing commercial@tolhurstfisher.com for further information.
Thursday, 20 February 2014
Employer Protect – now including Pursuit Cover
We recently launched our Employer Protect Scheme, which is designed to help employers manage all of their Employment Law and HR requirements in an affordable and effective way. We can provide advice on the basis of fixed monthly fees to allow you to set your budget, or if you prefer we can continue to provide ad hoc advice as and when required. The most important element of the scheme is flexibility.
A particular benefit of our scheme is that we offer insurance protection against legal fees and awards/settlements in the event of a Tribunal claim against you. This is an optional extra. We are pleased to announce that we can also now offer Pursuit Cover as part of any policy.
Many of our clients have employees working for them who are subject to post-termination restrictions. The aim of these restrictions is to protect the business when an employee leaves, for example to prevent the solicitation of clients. However, they are notoriously expensive to enforce, and this often deters clients from enforcing what is necessary to protect their business. The benefit of the Pursuit Cover is that it covers High Court costs in respect of enforcement of restrictions.
The Pursuit Cover is of course not compulsory within the insurance policy, but we feel it may be of great benefit to some of our clients.
For more information take a look at our Employer Protect leaflet here
A particular benefit of our scheme is that we offer insurance protection against legal fees and awards/settlements in the event of a Tribunal claim against you. This is an optional extra. We are pleased to announce that we can also now offer Pursuit Cover as part of any policy.
Many of our clients have employees working for them who are subject to post-termination restrictions. The aim of these restrictions is to protect the business when an employee leaves, for example to prevent the solicitation of clients. However, they are notoriously expensive to enforce, and this often deters clients from enforcing what is necessary to protect their business. The benefit of the Pursuit Cover is that it covers High Court costs in respect of enforcement of restrictions.
The Pursuit Cover is of course not compulsory within the insurance policy, but we feel it may be of great benefit to some of our clients.
For more information take a look at our Employer Protect leaflet here
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