Last week the Financial Conduct Authority (FCA), our regulator, announced that it has fined LBGI, the insurance division of Lloyds Banking Group, £90.7 million for failure to ensure that their home insurance renewal communications were clear, fair and not misleading. Between 2009 and 2017, LBGI (made up of Lloyds Bank General Insurance Limited, St Andrew’s …

Cryptocurrency is a digital or virtual currency. Some of you may recognise the product ‘BitCoin’ as this is one of the most popular cryptocurrencies on the market. There are several other cryptocurrencies available. Investment in cryptocurrencies is extremely high risk. Our regulators, the Financial Conduct Authority (FCA), have recently ruled the product as unsuitable for …

HMRC has provided a welcome update in relation to life policies and the requirement to register on the Trust Registration Service (TRS). Placing life policies into trust can be beneficial in estate and inheritance planning and can also ensure faster distribution of funds to beneficiaries following death. Trusts of life policies are, subject to certain …

The Office for Tax Simplification (OTS) has published a document setting out the scope for a review into amending the end of the tax year date, which is 5th April at present. The 31st March is being considered for the proposed new date, which is both the end of a calendar quarter and the nearest …

As of 19th May, the Government has announced plans to reform the farming policy within England, due to take place between now and 2027. The focus of such reform appears, as things stand, to balance the retiring of an older generation of farmers with the welcoming of the upcoming generation and, with it, an ideal …

The biophilia hypothesis is the belief that humans are genetically predisposed to be attracted to nature. It states that all humans inherently love the natural world. This idea that we are drawn to, and indeed need, nature was first put forward by a man named Edward O. Wilson in his book “Biophilia” published in 1984. It’s ostensibly a lasting …

Earth Day marked its 51st anniversary on 22nd April and this year’s theme was ‘Restore Our Earth’, which focuses on reducing our impact on the planet and finding ways to repair the world’s ecosystems. The international day of awareness had an estimated one billion people taking action for the future of the planet, with events …

In the March budget the Chancellor announced he would be freezing all tax allowances and thresholds from 2021/22 until 2026, but there were some pre planned changes coming in anyway. The changes are detailed below: Income Tax 2020/21 2021/22 Personal Allowance £12,500 £12,570 Basic Rate Tax (20%) Up to £37,500 Up to £37,700 Higher Rate …

Following the 2021 Budget announcement, we have summarised below the key take-aways in order to provide a timely update. Whilst there seems to be little immediate change, we will pick up any required action with clients on an individual basis. If you have any concerns following the announcement, please don’t hesitate to contact a member …

We’re often asked how best to extract profits from a business. Whilst additional options apply when retirement is being considered, for an ongoing business there are three main options; salary/bonus; dividends; pension contributions. Whilst the best option will always depend on personal preference the interaction of the 4 main taxes needs to be considered. Additional …