Increased Tax Free Savings Opportunity

From the beginning of the 2017/18 tax year the amount that individuals are able to save into ISAs will increase from £15,240.00 to £20,000.00, an increase that was originally mentioned by George Osborne in the March 2016 Budget as a way "to further help savers at a time of unprecedentedly low interest rates". With interest rates so low what is the benefit of saving money into an ISA? Put simply, if you have to give less money to the taxman then you have more money to do with what you want, an ISA is one of the simplest ways to do this. In the current climate it is more important than ever for you to be able to benefit from any growth that your savings make. In addition to their tax free status, cash ISAs also…

Brexit What Next For Employers

We are living in unprecedented times. The historic decision of the UK electorate  to leave the European Union, has resulted in a period of uncertainty about  the implications of Brexit for workers and businesses in the UK and their future relationship with the EU. A key concern is the impact on migrant workers. Currently, EU citizens can live and work in the UK without the need for work permits or visas.  Although Brexit might eventually mean an end or restrictions on this free movement of people, any changes are yet to be decided.  In the meantime, both employers and employees will be looking for reassurance for what it means for them. Gillian Reid, Head of Employment at Ware & Kay Solicitors in York, Wetherby & Malton , advises employers on what to expect and what…

Negotiating An Executive Severance Package

If you need to part company with a director, for the good of the business, it may not be appropriate to follow your disciplinary procedure.  Gillian Reid, Head of Employment in York & Wetherby, looks at the issues you should consider, especially if you need to achieve a quick exit with minimal disruption to the business and no publicity. Reason for the termination Two of the most common reasons for terminating a director's contract are poor performance, leading to the board losing confidence in the director, and a personality clash. You should first decide what the reason is for the exit, as it will have an impact on the claims the executive may have and therefore on the level of compensation you could have to pay.  For example, you must consider whether the director has…

Top Tips Around Lasting Powers Of Attorney

Plan early While you have capacity, it's vital that you get your affairs in order and choose the best people to manage your affairs, in case of an accident or illness. You can't appoint an attorney once you lose capacity. Choose carefully Think carefully who you want to appoint as your attorney and have an open conversation with them so they understand your wishes and what their responsibilities will include. Consider appointing more than one person as your attorney so they can share the responsibility. Consider appointing a professional A family member might not always be the best person to act as your attorney. Instead, you can appoint a professional such as a solicitor. They can act as a neutral third party and make unbiased decisions that are in your best interests. Bear in mind…