Latest Blogs

25th July 2024 Cash Basis For Landlords

Cash basis for landlords – what does this mean for property businesses?   The default method by which accounts need to be undertaken has changed from April 2024 for all businesses, from one of an accrual basis to a cash basis. However, for individuals property businesses this has been the case since April 2017.  …

24th July 2024 Employment Benefits And Property

When it comes to employment benefits and property, Whitings are here to help!   Property is affected by a large variety of direct and indirect taxes, whether that’s Stamp Duty Land Tax (SDLT), Capital Gains Tax (CGT), Income Tax (IT) or Inheritance Tax (IHT). These tax implications can be triggered by the acquisition, disposal, or…

23rd July 2024 Pension Contributions and Statutory Payments

Different pension schemes attract different rules when it comes to making statutory payments to employees. The first thing to ascertain is what type of pension it is your scheme administrator is running.   Net pay arrangement Pension deducted from gross before tax is taken (for example Smart)   Relief at source (gross pay arrangement) The…

22nd July 2024 What happens to property when a loved one dies?

Do you know what happens to property when a loved one dies?   Why Choose Whitings LLP to help with administering the estate? We understand that losing a loved one can be a very difficult and challenging time. It can often be a daunting process for those appointed as personal representatives with the worry and…

22nd July 2024 Don’t Miss The 60 Day Deadline

Don’t miss the 60 day deadline! It is now well established that taxpayers have 60 days from the date of completion to report a property disposal and pay any Capital Gains Tax (CGT) to HMRC. Those within Self Assessment must also report their disposal on the Capital Gains section of their tax return for the…

19th July 2024 Company Formation ID Verification Rules Are Coming

Company formation ID verification rules are coming. Long expected changes to the way in which new companies are formed have moved a step closer. Although the implementation date of the new rules is not yet known as the regulations are still at the draft stage, Companies House have released some further information about the new rules.…

18th July 2024 Section 21 No-Fault Evictions

What could changes to section 21 no-fault evictions mean for the property sector?   With the new government being elected it is important to see the impact this will have on landlords and tenants. Although Labour have been in power less than a month, one of their main campaign and manifesto points was to immediately…

15th July 2024 New Audit Exemption Thresholds: What Could This Mean For You?

Have you heard about the new audit exemption thresholds?   Before the recent General Election the Conservatives announced plans to increase the audit exemption thresholds. For the Turnover and Gross Assets thresholds, this increase is significant (50%), effective for accounting periods starting on or after 1 October 2024. For certain growing companies, this presents an…

15th July 2024 Taxes Under The New Government

We’re considering taxes under the new Government. Now that Labour have won the recent election, it is time to look at what this could mean for you and your taxes. Labour have committed to one major fiscal event a year in the hope that this will give businesses and individuals plenty of time to properly…

9th July 2024 2024 SME Growth: Normal service has resumed?

What has the 2024 SME growth been like and has normal service resumed?   As we pass the end of Q2, many SME businesses will be assessing what sort of year they’re having. As can be seen from the chart below of actual client turnover figures, growth in 2024 year ends is averaging at 4.5%.…