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Wetherby - 01937 583210
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Wetherby 01937 583210
Malton 01653 692247
Legal updates

23 December 2022 Financial advice

Entrepreneurs' relief, often referred to as business asset disposal relief is a specific capital gains tax (CGT) break that you may be eligible for if you're selling a business you own. When I see a business, do I have to pay CGT? The entrepreneurs' relief—recently renamed business asset disposal relief—may enable you to pay a lower CGT rate of 10% on the first £1 million in proceeds if your business qualifies. How does the entrepreneurs' relief work? The relief means you will be charged 10% (the basic rate) on the first £1 million your business makes. For those who are additional or higher rate tax payers (e.g. those who pay 20%), you will have been charged around half of the usual rate. £1 million is the maximum amount that can be claimed per person, so the…

20 December 2022 Employment advice

This short article is aimed at the businesses who are looking to employ new staff.  It is important to take the correct legal steps when hiring new employees. Though it may seem simple to some, there are mandatory steps that any employer must take when looking to take on a new employee – and that doesn’t mean just showing them where the tea and coffee is located! Right to work in the U.K. First thing’s first, every employer MUST ensure that their new employee has a right to work in the U.K. Right to work checks can be carried out manually by obtaining documents from an approved list (see Home Office website for this). If an employee is unable to show their documents or status, you may be able to use the free Employer Checking Service…
16 December 2022 Family Matters

It is forecast that, by the end of this year, 90 per cent of the UK adult population will use a social media account at least once a month.  This is a remarkable statistic, but perhaps even more remarkable is that the average user is estimated to spend more than two hours per day on social media.  There is no doubt that we are putting more of our lives online than ever before.  We are more comfortable with posting about our family celebrations, our personal dilemmas and our relationship status.  ‘Unfortunately, social media can bring its own set of problems when it comes to a family breakdown,’ says our family law team expert at Ware & Kay in York & Wetherby ‘Once you may have told only your closest friends about your relationship problems, but grievances…
15 December 2022 Farming & Agriculture

Christmas is the season of goodwill and, aside from choosing what presents to wrap and place beneath the Christmas tree, you may also be wondering if you can make some more substantial gifts to take advantage of tax reliefs such as agricultural relief and lifetime gift exemptions. Emma Elwess, Director of Private Client at Ware & Kay in York & Wetherby, explains the different ways farmers can use tax reliefs to give away gifts without incurring inheritance tax. General lifetime gifts During your lifetime you can give away any of your possessions worth up to a total value of £325,000 without being liable to inheritance tax. Gifts given over this amount will usually be subject to inheritance tax when you pass away (unless you live longer than seven years after the gift is given). There are…
14 December 2022 Family Matters

  You are likely to have spent some weeks, months or perhaps even years contemplating getting a divorce before you decided to apply, and even then, you may still wonder if it is not too late to save your marriage, particularly if you have children together. ‘Issuing or receiving a divorce petition can be the spark that awakens feelings or renewed efforts and could lead to a reconciliation,’ says our family law team expert ‘It is not uncommon following a divorce petition for a couple to talk more openly to each other, perhaps supported via counselling or mediation.  This can be the start of working together to address the cause of unhappiness and could lead to a route forward together again.’ While the decision to divorce is a big step, there is time to change your…
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