Latest Blogs in Private Client Tax
James Selby
23rd June 2022 Pensions Contributions: Maximise tax relief

We are seeing more and more cases of individuals missing out on claiming higher rate tax relief on their employee pension contributions especially where they are not in self-assessment and required to file tax returns.   Where employers have enrolled their staff to make employees pension contributions via a ‘relief at source’ scheme, the contributions…

Charlie Whittle
6th June 2022 NHS Pension Savings statement – request yours today!

What is your pension saving statement? Your pension savings statement details your ‘pension input’ or ‘growth’ across all your NHS schemes during the 2021/22 tax year, as well as the previous three tax years. Your pension input amount is simply the growth in the capital value, above inflation, of your NHS pension benefits. Why do…

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…

Vanessa Pearson
4th May 2022 Taxation of Cryptocurrency gains

Similar to share dealings, you must declare any gains or losses from cryptocurrency investments on your personal tax return. It is important to keep records of dates, currency type, amounts bought or sold, and the value. There are several software options that can assist you with this; the best will include converting the currency to…

Jake Day
27th April 2022 Save yourself £10 a day – get your 20-21 tax return filed by 1st May!

If you are yet to submit your tax return for the 2020/21 tax year, you will have been charged with a £100 late filing penalty. If you do not submit your return this side of 1st May, HMRC will charge an additional penalty of £10 per day that the return is late, up to a…

Charlie Whittle
12th April 2022 TRS – Who should register and when

The Trust registration service went live in 2017 and required any express trust with UK liabilities to register whether they were UK or non-UK resident. An express trust is simply a trust deliberately created by a settlor by transferring property to a trustee. Who should register? Recent money laundering directives have extended the definition of…

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

Richard Alecock
4th April 2022 MP’s urge HMRC to crack down on unpaid taxes due to pandemic

During the first lockdown HMRC paused most debt collection activities, which has contributed to the total UK tax debt of £39bn according to The Public Accounts Committee. HMRC have stated, “We are recouping debt safely, taking into account customers’ circumstances and making repayments affordable. It’s in no-one’s interests to push viable businesses into insolvency when…

Jodie Pheby
23rd March 2022 Spring in your Step?

How the budget affects individuals… Following the Chancellor’s spring statement this afternoon, it appears that the planned 1.25% increase in national insurance will continue to go ahead in April, in order to raise funds for health and social care. However, as part of the government’s Tax Plan, the Chancellor is attempting to take the sting out…

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…