General Practice

Divorce and CGT Under current legislation, married couples and civil partners can transfer chargeable assets between them without incurring CGT under the ‘no gain, no loss’ principle. However, for separating couples, this only applies until the end of the tax year of separation.   A couple who separated in February 2022 could therefore only transfer…

After Press speculation over the weekend, it’s official, HMRC have now confirmed that the introduction of Making Tax Digital for income tax is to be delayed for 2 years: https://questions-statements.parliament.uk/written-statements/detail/2022-12-19/hcws465 The mandate of MTD for ITSA will now be introduced from April 2026, with businesses, self-employed individuals, and landlords with income over £50,000 mandated to…

Incorporated businesses have until 31 March 2023 to claim 130% capital allowances on expenditure on certain fixed assets. This ‘super deduction’ was introduced in April 2021 to help companies continue to invest in plant and machinery after the pandemic.   Assets must be purchased new to benefit from the relief and it does not apply…

Having gained a  licence to deal with non-contentious probate in 2015, Whitings LLP continue to undertake more work to assist executors. This ranges from simple probate applications and filing of relevant forms through to administration of estates, acting as executors in some cases.   The process starts with preparing and periodically reviewing a Will in…

Maximising future entitlement to state pension may not be at the forefront of people’s minds, but following the introduction of the new State Pension in 2016, the ability to pay voluntary National Insurance contributions to ‘fill’ gaps will become far more limited from April next year.   You can usually only pay for gaps in…

If you were interested in offering your employees the Cycle to Work Scheme, there are three main methods you could use:   Salary Sacrifice Loan Pooled cycles   Method 1: Salary Sacrifice Under this method, your employee would be agreeing to sacrificing part of their salary before tax and you would provide the hire of…

From Monday 3 October 2022, the UK government has changed the ‘small’ company threshold, which is expected to remove 40,000 businesses from certain reporting regulations. Since January 2016, a company qualifies as ‘small’ in the year that it does not exceed two or more of the following: Annual turnover:                                   £10.2m Gross Assets:       …

Adding to the plethora of red tape, there is now a requirement for overseas entities (ie a legal entity, such as a company or other organisation, that has legal personality and is governed by the law of a country or territory outside the UK) who own or lease property or land in the United Kingdom…

Less than 10 days after the government announced their ‘Growth Plan’ (otherwise known as the ‘mini-budget’), the chancellor has announced that the government will not proceed with the proposed plans to cut the 45p tax rate cut which was intended to come into effect from April 2023.   As the government seem to be acting…

The High Income Child Benefit Charge (HICBC) was introduced in 2013 but with rising inflation and wages being pushed up this may mean that you may have to pay a tax charge, known as the ‘High Income Child Benefit Charge’ (HICBC), if you have an individual income over £50,000 and either:   you or your partner…