Latest Blogs

The Whitings Team would like to wish you all a Happy New Year! We look forward to working with you in 2023.

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…

In the 2020/21 tax year, record amounts of CGT was recorded, with the total CGT liability increasing by 42% from the previous year. This does not come as much of a surprise, as 2020/21 was the first year the ‘CGT on UK property service’ was introduced.   However, HMRC have recently reported that, in the…

Unlike other properties, FHL’s benefit from a number of tax advantages including capital allowances on domestic items and full deductibility of mortgage interest. FHL’s also benefit from Capital Gains Tax (CGT) reliefs on disposals including Business Asset Disposal Relief, Rollover Relief and Holdover Relief.   For a property to qualify as an FHL for the…

In May 2015, exclusivity clauses in employment contracts for zero hours workers, was made illegal. Unfortunately, it has been found that many low paid employees or workers who are not employed on zero hours contracts (perhaps part-time staff) could still be subjected to exclusivity provisions. From 5th December 2022, this will also become unlawful.  …

Landlords currently using self-assessment will be required to switch to using Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA for short) and applies to all landlords whose total property income is in excess of £10,000 per year, including: • Rental income from UK rental properties   • Other UK property income such as…

The range and location of Whitings LLP clients is vast, and the specialist staff possess and equally vast level of experience, knowledge and expertise. There is, however, one thing each of us has in common, and that is property.   It is hoped that we will provide you with a diverse selection of articles which…

As we head into the festive period, we would like to share our Christmas closing and New Year re-opening times with you all for each of our offices:   Bury St. Edmunds Closed from 5.30pm on Friday 23rd December 2022 Re-opens at 9am on Tuesday 3rd January 2023.   Mildenhall Closed from 5.30pm on Friday…

In a society already dominated by red tape two new registers have been created to assail us. The Register of Trusts, when announced, did not seem unduly onerous. As the requirements have become clearer we are left pondering where trusts may exist that are not immediately obvious.   Of particular relevance to agriculture, land may…

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…