Latest Blogs

Have you considered maximising Capital Allowances?   From 1 April 2023 companies subject to corporation tax will receive a 100% first year tax deduction for expenditure they incur on qualifying plant and machinery. Originally announced as a temporary measure, the UK Government subsequently announced in the Autumn Statement that the relief will remain in place…

From 6th April 2024 HMRC want to encourage more of the self employed to use the cash basis when completing their accounts and self-assessment tax returns.   The new cash basis from 6th April 2024 will mean: The cash basis will be the default, with an opt-out for those wishing to use the accruals basis.…

The personal tax second payment on account deadline is approaching (31st July 2024).   Payments on account are advanced payments towards your tax bill for the tax year just ended, and each payment on account is calculated as half of your previous year’s Income Tax and Class 2/4 National Insurance liability. For the payment due…

With the upcoming General Election we are thinking about tax planning for SMEs.   The 4th July election day will be with us before we know it and many SME business owners are starting to think about whether they should undertake any protective actions. Especially if they think a change in government is looking likely.…

Members of our team are now back from an exciting couple of days at Xerocon London 2024. We can’t wait to hear all about what they’ve learnt about whilst they were there, including upcoming product launches!   Stephen Malkin, Ben Burtenshaw, Dan Walker, Peter Brown & Emily Haines attended Xerocon. They found that the main…

Do you know when to find an accountant when starting in Business?   We meet a lot of clients who have an idea for a business, set up a limited company and start trading. They are very keen to get the business going, so keeping on top of the paperwork does not become the priority.…

Non-Executive Directors (NEDs) are crucial members of a company’s leadership team and therefore adequate remuneration is key. However, the arrangement for paying NEDs can often be handled incorrectly.   Directors’ Duties Income It is not uncommon to see NEDs prepare invoices and submit these to the company they act for to receive payment for their…

What has changed when it comes to VAT Thresholds for Small Businesses?   The Spring Budget this year introduced significant changes aimed at alleviating the administrative burden on small businesses in the UK. One of the key updates announced by Chancellor, Jeremy Hunt, was the increase in the VAT registration thresholds, effective from 1 April…

Extended support for Farmers is available through incentives and changes to planning laws.   The government has today published details of the expanded SFI offering for 2024. As expected, the offering now includes actions for precision farming and agroforestry and support for upland farmers, short term tenant Farmers and new entrants. There are now 102…

Last night saw the gala awards presentation evening for the 2024 SME Ely Business Awards.   Local businesses were eligible to enter 16 categories, to celebrate excellence and success within the Ely business community. Whitings have been headline sponsors of the event since 2017 and the leadership team from our Ely office dressed for the…