Becoming a Partner in a Law Firm: Capital Contributions

I was interviewed recently by LawFirmAmbition about the most common questions surrounding the topic of becoming a partner in a law firm. The questions below focus on the capital you are asked to contribute and what is expected of you as a partner. You can read the answers to previous questions here: 

Becoming a Partner in a Law Firm: Is it Worth it?

Inheritance Tax - is your holiday park business ready to pass to the next generation?

Passing a Holiday Park on to the next generation is very attractive to owners, However, on death, if the Park is deemed to be an investment entity and not that of a trading one, the taxman could take a chunky 40% of the park’s value through Inheritance Tax (I.H.T).

Please Sir, I Want Some More

Your annual statutory audit offers many opportunities for added value, it's not a necessary evil of no benefit to the business

Becky Bowness joins Armstrong Watson as Corporate Tax Director

Becky joins Armstrong Watson from Big 4 accounting firm PwC, where she has spent the last six years in their London International and M&A tax teams. Previously Becky experienced a year in their New York office, having began her career in Carlisle and spending her first 12 years advising clients across the North of England.

Why Invest Rather Than Simply Save?

To invest sucssessfully with Armstrong Watson you need a clear understanding of your financial goals, how long you want to invest for, and what risk you are prepared to take.

The most important decision you will make about the rest of your life?

Generally speaking people are living longer which means that many will either need to continue to be in work, or have enough money to enable them to retire early, so saving into a pension remains one of the most appropriate vehicles to accumulate retirement funds due to the tax relief you will receive on contributions.

Lorraine Kelly has HMRC for Breakfast

TV presenter Lorraine Kelly has recently won her case against HMRC regarding the taxation of her personal service company (PSC). Kelly provided her services to ITV through her company Albatel rather than contracting with them personally. HMRC argued that Kelly was effectively an employee of ITV and that as a result additional income tax and national insurance of £1.2 million was payable.

Bank holidays and HMRC real time submissions

With Easter looming, often employers get confused when to submit their Full Payment Submission (FPS) and what date to use for HMRC over bank holidays. Here's a helpful guide to ensure you know what to put on the FPS as the payment date whether paying early, or later.

Becoming a Partner in a Law Firm: All About Finances

There's many questions to ask when considering becoming a partner in a law firm, especially about the financial aspects. How can I work out the financial returns? Are there risks? Andy Poole, Legal Sector Partner, answer some of those FAQs.

Our Guide to Investing

Why invest rather than save?  Our free Guide To Investing gives you advice on your investment options for your future.