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We continue to be available to support you during these challenging times. Please find below our latest posts and articles relating to the Coronavirus and business and personal issues. Resources for Individuals Family Courts and Covid-19 Separated Parents and Covid-19 Writing a Will During the Coronavirus Outbreak Moving House During COVID-19 Outbreak – Government Guidance How Could Covid-19 Affect my Sale and Purchase? Covid-19 and Litigation Covid-19 Mediation as an Alternative to Court Proceedings Resources for Businesses The Coronavirus Job Retention Scheme and Furlough: An Update Working with Coronavirus – Update for Employers What to do if you are Experiencing Business Interruption due to the Coronavirus Personal Guarantee Advice Do I need to Close My Business or Premises? COVID-19 – Company Accounts Filing Extension Covid-19 and Contractual Obligations Changes to Insolvency Law due to the Coronavirus Crisis Covid-19 – Issues for Landlords and Tenants of Commercial Property Covid-19 and Litigation Covid-19 Mediation as an Alternative to Court Proceedings Covid-19 A Guide for Dental Practices Covid-19 Suspension of voluntary strike-off process by Companies Proceed with caution: some issues for businesses returning to work The Continuing Impact of Covid-19 on Possession Proceedings Please do not hesitate to contact us if you have
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Millions of couples across the UK are choosing to forego marriage and live as cohabitees. However, without proper estate planning, they could be putting their finances at risk. Unlike their married counterparts, unmarried couples have no automatic right to inherit from each other. However, with proper estate planning, you can ensure your cohabiting partner is properly provided for should you pass away. This article looks at some of the important estate planning matters all cohabiting couples should consider. Write a will The most straightforward way to provide for your partner should you pass away, is to write a will. No matter how long you and your partner have been together, without a will in place, there is no way to ensure that your partner will receive a share of your assets when you die. What happens if there is no will? When a person dies without a will, their estate will be distributed in line with the rules of intestacy. Sadly, for cohabiting couples, this can mean that the surviving cohabitee loses their home and a source of income. The surviving cohabitee may need to make an application to the court to get a share of the family home and
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What happens to my Spanish Assets following Brexit? Will I have to pay more Inheritance Tax? The United Kingdom officially left the European Union (EU) on 31st January 2020, but those with assets abroad, in particular Spain, may be wondering what happens to their Spanish assets and the tax consequences they may face. Inheritance Tax (IHT) You will be pleased to know that the IHT position has not changed and will be dealt with in the same way and must be paid within six months of the date of death. Other Taxes for non-residents There has been a rise in Income Tax, Rental Tax and Sale Tax. It is advisable that you seek advice from a Spanish qualified solicitor if you have concerns about your IHT or other tax liabilities in Spain. Having a Will in Spain It is important that you have a Will both in Spain and in England and Wales. If you do have a Spanish Will, if it was written before 2015, then you may want to revisit it. If you do not have a Spanish Will, you need to strongly consider putting one Will in place. In Spain the EU Succession rules apply. These rules
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HMRC have recently announced that there is a delay in the upgrade for the Trusts Registration Service (TRS) to allow non-taxable trusts to register. The extension to the requirement to register trusts stems from the 5th Anti-Money Laundering Directive and although there are some exceptions, most UK trusts will be required to register. The government intends to defer the March 2022 deadline until 12 months after the date of the upgrade in their IT system which they now expect to be ready by summer 2021. They say this will give trustees and their agents sufficient time to register existing non-taxable trusts. We await further clarification on the timetable from HMRC in due course. If you would like further information about making a Trust, please call our Wills and Estates team on 01206 574 431 or e-mail info@tsplegal.com
Nearly a year on from the first National Lockdown, individuals are still experiencing problems with making decisions for their loved ones if they have lost mental capacity, even temporarily, hence the need for a Lasting Power of Attorney (LPA). A LPA enables your appointed Attorneys to make decisions for you in the event that you become incapable. LPAs can be confusing, and, sometimes, lengthy documents. At Thompson Smith and Puxon we are able to advise you: On the different types of LPAs On the right LPA to suit your individual circumstances Who you may want to consider appointing as your Attorneys Safeguards that can be put in place to protect the LPAs from being misused These types of benefits and safeguards are generally not available with a LPA drafted online. We advise clients to register their LPAs at the Office of the Public Guardian (OPG) as soon as they have been signed. The standard fee for registration is £82 per document although fee exemption/remission may be available in certain circumstances. The registration process takes 8 – 10 weeks. If the person has already lost mental capacity then it will not be possible to put a LPA in place and a
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Since the start of lockdown many workers have been working from home and recent studies suggest that some form of ‘working from home’ (WFH) flexibility is the preferred option for the majority going forward. Many employers have also come to see the benefits of keeping some form of flexible working arrangements. Twitter told staff in 2020 that they can work from home ‘forever’ and very recently, BP announced that office based staff would be expected to work from home two days a week. However, making permanent changes to the way a business operates raises a number of questions and issues for both employers and employees: Organisations need to find out what the staff want and compare it to the businesses needs They need to review service contracts and manage changes if required They must think about their communication policies and protocols for use of systems Reviewing work policies are a must and consideration must be given to updating them to incorporate flexible work methods including staff welfare The identification of key performance indicators for use in appraisals and reviews for staff who WFH must be undertaken Consideration of the longer term effect of WFH on salaries, and those salaries being
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