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Starting up a new law firm - a new guide from Law Firm Ambition

Law Firm Ambition is a website that “makes it easier to grow your law firm”. It is a collaboration between seven leading suppliers to the legal services sector. Together, we are providing a library of constantly updated tips and advice, including FAQs, checklists, and articles. We also collaborate on podcasts and webinars.

Would you like to boost the interest earned on your client money?

It is no secret that interest rates on client and office accounts have fallen to historic lows. Many law firms are now receiving 0.01% on client monies and will feel a valued income source has all but disappeared. To make matters worse, as reported by the FT Adviser in February 2021, the Bank of England has written to UK banks giving them 6 months to prepare for negative interest rates

The pension annual allowance trap

The annual allowance is an important number in the pension world. It sets the maximum tax-efficient amount of total contributions in a tax year – from any source – that can be made to pension schemes for your benefit. If the allowance is exceeded, then any tax relief you receive on the excess is effectively clawed back by the annual allowance charge.

Is your business ready for full customs controls?

From 1 January 2022, businesses that permanently move goods to Great Britain from other EU countries will need to be aware that full customs controls are being introduced.

Inflation hits a 10-year high - what could the impact be on your savings?

Rising inflation continues to represent a challenge to savers, who must at the very least aim to beat it to prevent their money from losing value in real terms. So how can cash savers bridge the gap?

Preparing for your year-end financial planning

As 5 April 2022 creeps ever closer, if you haven’t already, it is always good to try and get ahead with your year-end financial planning.

What does the interest rate rise mean for you?

The Bank of England base rate has risen to 0.25% after being held at a record low since the start of the pandemic. But what does this mean for you and your business?

Capital Gains Tax and Inheritance Tax - where next?

Despite widespread speculation on likely changes to Capital Gains Tax (CGT) and Inheritance Tax (IHT) the Chancellor refrained from any reform of these taxes in 2021. What does this mean for farm businesses? 

Carbon capture in livestock farming

Read our guest article by Laura Cureton, Senior Farm Business Consultant at GSC Grays, on carbon capture in livestock farming.

Tax Payers pay out millions more in Inheritance Tax

Tax payers have paid £600m more in Inheritance Tax (IHT) than a year ago. The latest figures from HMRC show that between April and October this year, IHT receipts totalled £3.6bn compared with £3bn in the same period in 2020 – a rise of 20%.

So does this indicate that many families are not aware until it is too late?