Lambert Roper & Horsfield Limited Accountants Calderdale
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Most businesses are very good at providing the products and services that their customers need – but running a business involves much more than that.

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The financial world is a complicated place and there are times when you’ll need some expert help.

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When it comes to your finances, taking time out to seek expert advice is always a wise investment.

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We also provide specialist services to a range of other clients.

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Testimonials


LRH Client Testimonials

Garry and Bronwyn Todd

Building a business brings its share of challenges but can also be hugely rewarding, as Garry and Bronwyn Todd can testify. Since they set up Huddersfield-based electrical contractors JGT Electrical Limited in 1994, after Garry had been made redundant from his previous post, the business has gone from strength to strength.

Les Enfant Day Nurseries Limited

With engineering as his profession, and more than three decades’ experience in vocational education and training at the highest level behind him, a switch to running day nurseries might sound like an unlikely career move for David and Joy Smith to have made.

Emergent Crown

Emergent Crown may not be a household name to most of us, but the company is a major player in the world of office furniture. Across the UK, its desks, chairs and storage units can be found in thousands of offices, including medical centres and police stations.

Combined Masonry Supplies

Richard Neal is a busy man. Since leaving his native north-east to set up Combined Masonry Supplies (CMS) more than 20 years ago, his hard work has helped it grow into a thriving business that has twice outgrown previous premises and now employs a 15-strong team at a large, modern unit on Bradford’s Ripley Road Business Park.

Halifax Wireform Co. Limited

Go into any supermarket in the UK, and you’ll almost certainly see a product made by Halifax Wireform – not for sale, but displaying the goods that are.

H R Fire & Safety Ltd.

Harry Webster admits he never had any great ambition to start his own business, but more than three decades after setting up H R Fire & Safety, he is looking forward to seeing son Darren carry it on into the future.

Whiteley’s (Leaded Lights) Ltd.

Double glazing firm bosses Mark Thornton and Richard Little say they have never looked back since becoming Lambert Roper & Horsfield clients. Now they are looking forward to a bright future, which includes plans for a move to bigger premises.

Wetherby Building Systems Limited

A decade after Wetherby Building Systems started life, the Warrington-based business is going from strength to strength. The same is also true of the company’s relationship with Lambert Roper & Horsfield.

To find out more about how we can help you, please contact LRH accountants in Calderdale.

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Telephone: 01422 360788

Email: mail@lrh.co.uk

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Latest News

Gifts out of income and their benefits to beneficiaries

June 6th, 2018

Giving away surplus income as a gift to family members is often touted as an excellent way of planning for the future and as a way of reducing liabilities on a person’s estate. But how do the rules regarding gifts work in practice?

Gifts provided from surplus income – i.e. income less usual expenditure to maintain your standard of living – are not considered as remaining part of a person’s estate, regardless of how long they survive for following the gift and should, therefore, be free of inheritance tax (IHT).

Under the current rules, there is no limit on the amount that you can give away as a gift out of income, but it is recommended that a letter of intent is prepared when making such regular gifts.

This can be provided to HM Revenue & Customs (HMRC) in the event of a short period of giving due to a change of personal circumstance. In addition, there is no requirement for the donor to survive seven years for the gifts to be free of IHT, unlike lifetime gifts.

Where gifts are to be made to a minor, and regular payments may not be appropriate, then a discretionary trust into which the payments are made might be more suitable.

Normally, there is IHT on the transfer of income into the trust if the nil rate band is exceeded, although the accumulated income in trust will not use up the Nil Rate Band. However, this does not apply where regular gifts out of income are made.

Please note that there is an IHT charge every 10 years based on the value of the trust’s assets at the date of the 10 year anniversary and the maximum tax rate is six per cent.

The 10 year charge can be avoided by distributing the assets in the trust prior to the 10 year anniversary of the trust. Alternatively, a number of different trusts could be set up with the amount invested into each trust restricted so that the nil rate band is not exceeded at the 10 year anniversary of the trust. However, the growth in the value of the assets in the trust would need to also be taken into account.

The trust should have no other assets in addition to the regular gifts out of income and each should be set up on a different day, as multiple trusts set up on the same day are aggregated for the purpose of determining whether the Nil Rate Band has been exceeded at the 10 year anniversary.

Those considering giving away surplus income should keep a record of the gifts and record their income in the fiscal year, including expenses, as this would be required by the executors to ensure no inheritance tax is payable.

Link: Inheritance Tax: Gifts

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