Meet the Director Adrian Stallard
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Accountancy, Tax, Payroll, Wills & Probate
Spring 2021
Meet
the
Director
Adrian
Stallard
Adrian has just celebrated 25 years with
Lentells based in our Taunton office. Adrian
gained experience in a number of big national
and international accountancy firms in the
Stamp Duty that people buying before 1 June will be able
to save up to £15,000, while those buying
South East and Midlands before returning to
his West Country roots and joining Lentells holiday between 1 July and 30 September will be
able to save up to £2,500 in tax.
as a manager. Adrian now lives on the family
farm that he grew up on in Devon and as
a result has a strong affiliation with the
extended New Mortgage Guarantee Scheme
This will provide a guarantee to lenders
agricultural industry. It was announced in the Budget that the across the UK who offer mortgages to
£500,000 threshold, the amount at which people with a deposit of 5% on homes
Coming from an audit background Adrian has stamp duty is paid, will remain until June with a value of up to £600,000. Under the
continued to specialise in corporate clients 30th this year. The tax break, which was scheme introduced in April, all buyers will
in particular and heads up the firm’s audit introduced in July last year, has proved have the opportunity to fix their initial
team dealing with a broad spectrum of clients popular with buyers offering potential saving mortgage interest rate for at least five
both in terms of size and industry. Over the of up to £15,000. years should they wish to. The scheme will
years Adrian has developed a client base that be available for new mortgages up to 31
is located all over the UK including clients Between 1 July and 30 September it will December 2022, both first-time buyers and
in Scotland, Wales and overseas. Adrian be reduced to £250,000, and then from 1 existing homeowners can take advantage of
particularly enjoys the challenge of complex October, the previous threshold of £125,000 the initiative.
tax and VAT situations and guiding clients will be reinstated. In practice, this means
through the pitfalls of constantly changing
economic and regulatory environments With the emphasis on family owned businesses looking after all aspects of a client’s multi-
but in a manner that is accessible to non- Adrian’s approach is to look at the wider generational needs.
accountants. Articles in this newsletter picture and help with decision making taking
highlight changes in IR35, capital allowances into account the impact on current income as Outside of the office Adrian enjoys the Great
and stamp duty exemptions as examples of well as future capital gains, succession planning Outdoors and can often be found out and
changes that are affecting businesses and and ultimately estate planning and inheritance about in his camper van pursuing his passion for
tax payers right now and reinforce the need tax. Adrian firmly believes that this holistic hill walking and dinghy sailing with his family and
to keep abreast of tax rules when making approach is one of the strengths of Lentells dogs. His other love is Morris dancing and yes,
business decisions. offering in that there is always one director he will admit to that publicly!
Lentells News 1
Pensions
freedoms age
rising to 57
Should Landlords form Limited
Companies?
2020 saw a year on year rise of 23% in the Moving forward, it will be important to
formation of new buy-to-let limited companies keep an eye on the rate of Capital Gains Tax
as landlords attempted to make the most of (CGT). Any future rises will hit landlords
the stamp duty holiday as a way of transferring operating outside of a limited company –
properties into company structures without limited company landlords pay corporation
having to pay the extra tax. tax instead of CGT. Many believe that a rise
in CGT is inevitable at some point in the near
The three-month extension of stamp duty future.
announced in the budget leaves landlords and
holiday home buyers paying only the additional It is however important to be aware that
homes surcharge of 3%. The exemption there are potential disadvantages of setting up
also applies when a landlord changes the a limited company.
ownership of a property by moving it into a It has been confirmed that the age at
limited company structure. Incorporating a property would, for example, which retirement savers can access their
incur CGT on the value uplift on transfer. private pensions will increase from 55 to
Limited company status means that rental In addition, a new mortgage would have to 57 in 2028.
income is treated as a business profit. As a be taken out as a company, rather than an
result, the landlord only pays corporation tax individual. These tend to be more expensive The rule change means that anyone who is
of 19% on their rental profits, rather than the and could potentially incur repayment charges. currently aged 47 or under will have to wait
income tax rates of 20,40 or 45%, depending The tax advantages of taking money out of a an extra two years to flexibly access their
on their income. However, corporation tax is limited company can be limited, each company private pension.
scheduled to rise to 25% from 2023, although director can only take £2,000 a year in
companies with profits of less than £50,000 dividends tax free.
will still pay 19%.
For any landlord, deciding on the right
A landlord who owns a home through a structure is not that simple and is a question
limited company structure can also offset of weighing up the various advantages and
their mortgage interest against profits; a right disadvantages both for the present and the
that has been phased out from higher rate future. If you would like any additional advice,
taxpaying non-company landlords. please contact your local Lentells office.
QuickBooks
Online
Training
IR35 changes to go ahead in We are continuing to run our popular
April 2021 for the private sector
QuickBooks training, although all the
sessions are now being held as online
workshops.
From 6 April 2021, medium and large-sized Companies with fewer than 50 employees or
private sector clients will be responsible for an annual turnover of less than £10.2m will be In addition to the general training sessions,
deciding their worker’s employment status. exempt from the new rules, so any contractors we are now offering specific sessions on
This includes some charities and third sector working for them will remain responsible for receipts and payments only.
organisations. If the off-payroll working rules setting their own IR35 status.
apply, the worker’s fees will be subject to tax and For more information on courses and dates
National Insurance contributions. The ‘engaging’ For more information, go to: https://www.gov. and to book a place, please go to the Events
businesses will be held liable should HMRC uk/guidance/prepare-for-changes-to-the-off- page of our website at https://www.lentells.
decide status has been incorrectly assessed. payroll-working-rules-ir35 co.uk/quickbooks-online-training
2 Lentells News
Corporation However, businesses with profits of £50,000
or less will continue to pay corporation
tax to rise tax at the current rate of 19%. In addition,
a tapered rate will also be introduced
for profits above £50,000, so that only
It was announced in the Budget that, from businesses with profits of £250,000 or
April 2023, the rate of corporation tax will greater will be taxed at the full 25% rate.
increase to 25%, a 6% increase from the
current 19%.
Mobile Booster The initiative, funded through the Heart
of the South West Local Enterprise
scheme for Partnership’s Growth Deal, aims to
install 1,250 systems by February 2022.
Devon and Applications need to be made online and
successful applicants will be issued with an
Somerset £800 voucher which can be used with one of
two registered scheme suppliers/installers.
Changes Small businesses and households in Devon Visit the CDS website to apply for the
to Capital and Somerset who have poor mobile signal
can now apply for support to buy a mobile
Mobile Signal Booster Scheme. https://www.
connectingdevonandsomerset.co.uk/the-cds-
Allowances booster to enhance their 4G signal. mobile-booster-voucher-scheme-guide/
Super Deduction Thinking of starting a new
The Budget saw the introduction of a new
Super Deduction capital allowance. This will
business?
give companies more of an incentive to make Since the start of the pandemic, the number an early stage ensures you start on day one
additional investments, as well as bringing of new companies created in the UK has with the right business structure and meet
forward planned investments. soared according to the Office for National all your statutory requirements. Not getting
For two years from April 2021, investments Statistics. The last year has given people the these in place early on can prove costly and
in plant and machinery will qualify for a opportunity to reassess priorities and focus time consuming in the long run.
130% capital allowance deduction, providing on their goals, while for others potential
25p off company tax bills for every £1 of redundancy or a fall in salary has acted as a We can work with you advising on a range
qualifying spending on plant and machinery. catalyst to explore alternative options. of issues including getting the right trading
Unincorporated businesses cannot benefit structure in place, registering for tax and VAT,
under this new rule and will continue to be Plan ahead cashflow projections, claiming expenses and
able to claim the capital allowances at 100% Starting your own business, or becoming training in cloud accounting software. Please
of up to £1m under the Annual Investment self-employed is an exciting, but daunting contact your local Lentells office for more
Allowance until the end of 2021, at which process. There are a number of areas you will information, we can arrange an informal
point it reverts back to £200,000. need to consider and getting things right at discussion either by phone, email or Zoom.
What qualifies as ‘plant and
machinery’?
Most tangible capital assets used in the
course of a business are considered plant
and machinery for the purposes of claiming
capital allowances. This includes solar panels,
computer equipment, tractors, lorries and
vans, office chairs and desks, electric vehicle
charge points, refrigeration units and foundry
equipment.
Lentells News 3
How to
contact us
Chard
17-18 Leach Road, Chard Business Park,
Chard, Somerset TA20 1FA
Telephone: 01460 64441
E-mail: chard@lentells.co.uk
Landlords – reminder of new Seaton
electrical safety legislation
50 Fore Street, Seaton, Devon EX12 2AD
Telephone: 01297 20584
E-mail: seaton@lentells.co.uk
However, from 1 April 2021 it is also Taunton
Landlords with private sector rented
properties should ensure that they comply compulsory for all existing tenancies to have Ash House, Cook Way, Bindon Road,
Taunton, Somerset TA2 6BJ
with new rules on electrical installation safety completed an EICR.
Telephone: 01823 286274
tests, or face fines of up to £30,000.
E-mail: taunton@lentells.co.uk
The report should cost between £150 and
The Electrical Safety Standards in the £250 for a standard three-bedroom dwelling. Cloud Accounting
Private Rented Sector (England) Regulations Costs could rise if remedial action needs to & Software Support
were introduced last year, making it a legal be carried out if any problems are uncovered. Telephone: 01460 68700
requirement for all new residential tenancies Landlords are required to supply a copy of Email: softwaresupport@lentells.co.uk
to have completed an Electrical Installation the electrical safety report to tenants and to Payroll & Pensions
Condition Report (EICR). the local authority if requested.
Telephone: 01460 68700
E-mail: payroll@lentells.co.uk
Wills, Lasting Power of
Attorney & Probate Services
E-mail: probate@lentells.co.uk
Lentells Limited Chartered
Certified Accountants
Reg No. 4622793 England. Registered Office: 17 - 18 Leach
Road, Chard Business Park, Chard. Somerset. TA20 1FA.
Registered as auditors and regulated for a range of
investment business activities in the United Kingdom by
the Association of Chartered Certified Accountants
Lentells Estates and Probate Services Limited
Reg No. 11502849 England. Registered Office: 17 - 18 Leach
Road, Chard Business Park, Chard. Somerset. TA20 1FA.
Authorised by the Association of Chartered Certified
Accountants to carry out the reserved legal activity of non-
contentious probate in England and Wales.
Probate services are provided by Lentells Estates and
Book a free discussion, either via a virtual meeting
or phone. This will be an informal chat during
Probate Services Limited, a wholly owned subsidiary of
Lentells Limited and will adhere to all GDPR and Data
protection policies issued in the name of Lentells Limited.
virtual Wills which we can look at the main areas you
need to consider, including the advantages of
Neither company is authorised under the Financial Services
& Markets Act 2000 but we are able in certain circumstances
appointment drawing up a Lasting Power of Attorney to
look after your welfare and financial affairs
to offer a limited range of investment services to clients
because we are regulated by the Association of Chartered
Certified Accountants. We can provide these investment
with us during your lifetime. services if they are an incidental part of the professional
service we have been engaged to provide.
We understand that the idea of writing a Will To book an appointment, please email
can be daunting, which means that many of us probate@lentells.co.uk with your contact
put it off for another day. However, it is now details, letting us know a convenient time to
easier than ever to start the conversation get back to you and whether you would prefer
as we are offering the opportunity to have a a phone call or virtual meeting.
4 Lentells News
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