My Latest Blogs
8th November 2018
Entrepreneurs’ Relief changes
The government announced, as part of the Budget, that some changes are being made to the rules for Entrepreneurs’ Relief (ER) with immediate effect for disposals on or after 29 October 2018. Two new tests are to be added to the definition of a ‘personal company’, requiring the claimant to have a 5% interest in…
8th November 2018
Probate Fees Hike
The government is to push ahead with plans to change the fees for applying for probate, which will see many executors faced with funding significantly higher fees in order to obtain probate to enable them to administer the estate. The changes, which are planned to come in from next April, will see the introduction of…
28th January 2017
State Pension Entitlement
Voluntary Payment of Class 2 NIC by Self-Employed: Protect your state pension ? Self-employed individuals and Partners in trading Partnerships now pay class 2 national insurance contributions annually on 31st January following the end of the tax year through their Self-Assessment Return. Prior to 5th April 2015 those on low incomes had to pay Class…
6th June 2015
Share Valuation Test Case
Mr & Mrs Foulser v HMRC: interesting test case on valuing shares in unquoted company. Business owners may only have to value shares in their family company on a few occasions during their lifetime (eg for commercial share transfers, gifts or capital taxes calculations), but the numbers involved are likely to be material. So a…
5th March 2014
IT Business MBO Succession
IT Business Sold via an MBO. The corporate finance team at Whitings, specialists in acquiring and selling SME businesses, has recently supported their IT software client to move forward with new ownership. Andrew Winearls, on behalf of the corporate finance department at the Suffolk based firm, was enlisted by the minority shareholders at the firm,…
3rd December 2013
International Tax
UK Tops World League Table of Business Tax Competitiveness. In Accountant KPMG’s 7th annual survey of where in the world is it best for a business to be based, the UK has scored highly, beating its usual rivals. When businesses were asked to name their top 3 most attractive countries from a tax perspective, the answers ranked: 65% –…
20th March 2013
Budget 2013 and Business Tax
The 2013 Budget has some good tax news for SME businesses: The new £2,000 Employment Allowance will help reduce the hidden employment cost that Employer’s NIC has now become. The continual gradual reduction in the main rate of corporation tax towards 20% will also lead to reductions in the marginal rate, which will help the SME’s that…
14th December 2012
Autumn Statement Tax Announcements
Chancellor helps UK business. In his 2012 Autumn Statement Chancellor George Osbourne announced a raft of tax measures to help UK businesses steer through the current recession: Pre Budget announcements and Whiting’s Commentary Initiatives of particular help included: Increasing the Annual Investment Allowance (100% capital allowances on Plant in year of purchase) from £25,000 to £250,000 wef…