Latest Blogs in Tax Planning
Jodie Pheby
29th July 2022 Relaxion of CGT rules for separating couples

  Tax planning is not often at the top of the to-do list when a couple are separating, however, the timing of asset transfers can make a huge difference for tax purposes.   The rules as things stand   Married couples and civil partners can transfer chargeable assets between them without incurring capital gains tax…

Mark Burrows
5th July 2022 Timeline for Tax Changes

There are a few important dates coming over the next couple of years affecting individual taxpayers, who will be seeing changes to the tax they pay, and how they are required to send returns to HMRC.   6 July 2022 – Increase in National Insurance thresholds The income threshold at which employees and the self-employed…

Nick Edgley
5th May 2022 31-Jul: Can your tax be reduced?

Time is running out for taxpayers to settle any second payment-on-account for the 2021/22 tax year. The payment is due by 31 July, where one is payable. The amount payable is the second payment-on-account for the 2021/22 tax year and is automatically calculated as half of the total tax liability for the previous tax year,…

Barbara Nicholas
25th May 2022 A Grim Reap?

We work hard to improve our lot and most of us hope that our loved ones will reap some benefit from our endeavours. But assuming that we don’t manage to spend all the fruits of our labours, the taxman is lurking. And he will take a sizeable chunk if we don’t plan sensibly.   The…

Richard Alecock
8th April 2022 Basis period reform

From the 2024/25 tax year, HMRC are looking to tax profits of unincorporated businesses on a tax year basis, rather than on the accounting year (or period) basis, effectively removing the current basis period rules.   Therefore, any unincorporated businesses without a 31 March or 5 April year end will be affected by these changes.…

Fiona Mann
6th April 2022 2022-23 Tax Rates

Summary of tax rates, allowances, etc, for the new tax year, as announced by Chancellor of the Exchequer Rishi Sunak MP, plus a brief commentary from our tax group: Whitings LLP tax card 2022

Nick Edgley
23rd March 2022 Shielding you during an HMRC Investigation – Our Tax Enquiry and Investigation Service

HMRC police the tax system by investigating the accuracy of tax returns, VAT returns, payroll, etc via targeted, or random, tax enquiries. With a budget deficit of over £355 billion we fully expect HMRC to raise more enquiries this year to increase tax revenues. You will want to be in a position to ensure that…

Daniel Walker
1st March 2022 Inheritance tax and the increase in property prices

While you may be pleased that the value of your home is increasing, it may also mean that you need to consider the effect that the increased value may have on Inheritance Tax.   The number of people being caught by Inheritance Tax has increased by over 35% within the last year, mainly due to…

James Selby
3rd February 2022 NHS Doctors – 2019/20 Scheme Pays Election & Compensation Policy Application

The extended 31 March 2022 deadline for NHS Doctors to submit their scheme pays elections and compensation policy applications for the 2019/20 tax year is fast approaching.   For those NHS Doctors that suffered an annual allowance pension tax charge in the 2019/20 tax year had the option to either pay the charge directly to…

Barbara Nicholas
1st February 2022 Pre 5-Apr-22 personal tax planning

With the next personal tax year end just around the corner, make sure you use all the allowances and reliefs available to you: Income Tax Consider bringing forward income (salary or dividends) to before 5 April 2022, to avoid the 1¼% increases in NIC and dividend income tax rates. Use annual relief for pension contributions. …