My Latest Blogs
5th December 2023
Sole Trader V Limited Company
‘Sole Trader V Limited Company – Which is better for me?’ Minimising the tax paid on profits is a key aim of most SME businesses. The tax benefits of trading through a limited company, as compared to operating as a sole trader or partnership, were attractive as profits grow. However with the increase…
24th November 2023
Dividends Vs Salary: Directors
With the reduction in employees National Insurance (NI) through the Autumn Statement, to 10% and the drop in the dividend allowance to only £500 from April 2024. Alongside the previously announced rise in Corporation Tax rates. The question directors will ask again is, am I better paying myself a higher salary rather than dividends? …
18th March 2021
Holding residential lettings in a company
There has been an ongoing debate since the government started to reduce tax relief available on mortgage interest that having property in a company could be more beneficial. In order to transfer the property from personal ownership there could be a CGT charge depending on the difference in value from when you bought it…
24th April 2020
Job retention scheme update
So we are nearly at the end of the first week of the job retention scheme portal opening and as a firm have processed over 100 claims helping more than 500 employees continue to get paid. We are still continuing to process the claims, hoping to help more businesses gain funding to keep going. …
3rd April 2020
Marriage allowance can you cash in?
The marriage allowance allows you to transfer £1,250 of your unused personal allowance to your husband, wife or civil partner in a given tax year. In order to qualify the one receiving the transfer must not be a higher rate tax payer and the lower earner must have income below their personal tax free…
26th March 2020
COVID-19 Payroll Update
Please find below the latest payroll information regarding the current COVID-19 situation: COVID-19 Payroll Newsletter
23rd March 2020
COVID-19 Pandemic: What help can your business get?
In the recent Budget, and subsequent announcements, the Government have introduced numerous measures to help small businesses cope with the financial impact of the COVID-19 pandemic. Once you have decided how to follow Government advice with regard to your own business continuity, best advice must then be to more actively manage your finances, by preparing…
11th March 2020
2020 Budget For small Businesses
What does today mean for small businesses, some of the highlights: National insurance threshold increased to £9,516 Corporation tax stays at 19% Increase in the recently introduced Structural Buildings allowance to 3% per year Increase in the employer’s national insurance allowance from £3k to £4k per year (although the criteria to claim this, changes from…
23rd August 2019
Changes in VAT for Contractors and Subcontractors
Confused by the new CIS reverse charge VAT rules that come into effect from 1 October 2019, then HMRC have issued further guidance at https://www.gov.uk/guidance/vat-domestic-reverse-charge-for-building-and-construction-services#overview. The basics are as from 1 October 2019 if you are a VAT registered subcontractor working for a contractor you will no longer be paid for the VAT element…
25th October 2018
Ely Start Up seminar Guest speakers announced
Ely Office start up seminar is being held on 20th November https://www.whitingsllp.co.uk/booking-now-open-for-start-up-seminars/. A chance to gain free advice on the complexities of starting in business from Whiting and Partners and Guest Speakers from local solicitors Fraser Dawbarns talking about partnership and shareholder agreements, leases on new premises and employment law for taking on new staff.…