A day in the life of....Sophie Johnson

What’s it worth?

I’m often instructed to value legal practices, whether that is part of advising on a merger/acquisition, restructuring, partnership dispute or retirement. Valuations have become increasingly important during the past couple of years, particularly as we have seen major changes within the ownership and trading structure of law firms. As we move forward into the post Legal Services Act era, and as external ownership of/investment in law firms is permitted, the valuation issues will become ever more important.

Compulsory purchase of land and Capital Gains Tax

There are Capital Gains Tax (CGT) consequences to consider when land is sold under a Compulsory Purchase Order (CPO). A sale like this may be involuntary and this is recognised by the tax system. This is by way of a form of rollover relief, which is similar but crucially different to that available to all trading businesses.

Dreaming of escaping a working life for retirement

Getting your date right will help your plans stay on target

Some people will have set their retirement date when they were in their 20s or 30s, and a great deal will have changed since then, including their State Pension age and perhaps their career plans.

It may seem like a finger-in-the-air guess when you’re younger, but the date that you set for retirement on a pension plan does matter. It will often dictate how your money is being invested and the communications you receive as you get nearer to that date.

Matching hopes for the future

Pension lifetime allowance breach may impact more than a million workers

An estimated 1.25 million people are set to breach the current lifetime allowance (LTA) limit of £1.055 million for pension tax relief over the course of their working life, according to new research published

So you’ve been offered an Equity Partnership – but should you accept and how will you be taxed?

Armstrong Watson has a great deal of experience in helping and advising prospective equity partners on the implications of such an appointment and whether or not to accept the offer. We have recently been instructed to advise on a number of offers made to solicitors. Our advice covers the technical taxation implications and also the more commercial factors such as the deal being offered, the prospects for the firm and the individual and how to finance such an offer.

The increasing cost of death

The Taxpayers’ Alliance recently published its report on the cost of dying. The report looks at the taxes and charges which arise on death and concludes that it is becoming more expensive.

Why Cash May Not Be King For Businesses

There is considerable evidence of a trend for UK companies to hold larger cash balances than previously.

Over one Million UK Savers Embrace Relaxation of Rules

How the investment landscape has changed

The government’s announcement on the relaxation of pension rules changed the investment landscape, and pension freedoms show no sign of losing their popularity. 

HM Revenue & Customs latest figures [1] on the flexible withdrawals from Pensions shows that the number of Savers who have embraced their freedoms now exceeds one million (1.04 million).

Individual withdrawals

IR35 Reforms or Changes to Off Payroll Working Rules Coming into Play from April 2020

Changes to IR35 Off Payroll Working Rules for the private sector come into force from April 2020.