Latest Blogs

  The King’s Lynn office of Whitings LLP has recently seen the promotion of Stephen Malkin to Partner, another example of our firm’s success in developing talent within the Partnership.   Although Stephen started his accountancy journey elsewhere he joined us at an early stage in his career and his hard work and an empathy…

Tax returns for the tax year ended 5 April 2022 were due for filing by 31 January 2023.   HMRC will soon start issuing daily penalties where 2021/22 tax returns remain outstanding.   Where tax returns are not submitted within 3 months of the deadline (before 1 May 2023), taxpayers will be charged a flat…

It’s commonly known that, following changes introduced gradually from 2017/18, the method by which finance interest is relieved has changed dramatically. No longer can interest be deducted in full when calculating rental profits; instead, relief is provided by way of a 20% tax reducer.   With the recent increases in loan interest rates and the…

In light of the increase to corporation tax rates, effective 1 April 2023, you may be considering how to reduce your corporation tax liabilities. One option is purchasing a car through your limited company – the key points to consider in your decision are as follows.   Investment allowances on purchases of motor cars: First…

We have moved! We are excited to announce the recent move of our March office to Fenland House on Hostmoor Avenue in March.   Working closer with our colleagues from Wisbech and Ramsey, we have created a central Fenland Hub providing high quality services to existing and prospective clients in the region.   The Old…

Are you building a new home in which you will live?   Perhaps converting an existing building into a home?   You may be able to get the VAT back – you don’t even need to be VAT registered!   When you purchase a brand new house from a property developer you will not be…

As HMRC have experienced an increase in the number of SME Research & Development (R&D) tax relief claims being made by companies, so have they witnessed a number of fraudulent claims being made. To tackle this abuse, HMRC have established a tax credit compliance team to deal with R&D enquiries.   If a company receives…

As the online application process for the 2023 Basic Payment Scheme opens tomorrow, and the application process for Countryside Stewardship (Higher Tier) is already open, please find a summary of the key dates for agricultural subsidies below. Basic Payment Scheme: 14th March 2023 – applications open 15th May 2023 – applications close 9th June 2023…

Our offices are now closed for the Easter break and will re-open on Tuesday 11th April 2023. We hope that you all have a wonderful Easter break.

With many businesses seeing a return to pre-pandemic trading levels, now is an ideal time to review your SME’s VAT status.   Businesses must compulsorily register for VAT where ‘VAT-able’ supplies (which is usually, but not always, your turnover), on a rolling 12 month basis, exceeds £85,000. Voluntary registration, however, can take place with turnover below this…