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Deferred tax is a provision on the balance sheet for timing differences in tax and accounting treatment of certain items, and is measured at the rate of tax that the differences are expected to reverse in the future.   In recent years, deferred tax has been measured at the current corporation tax rate of 19%,…

Our MTD Group have produced Issue 5 of their newsletter giving details of Making Tax Digital (MTD) as it continues.   So if you are unsure of what to do next, our newsletter has information and advice how to proceed.  Don’t delay however as penalties will be introduced if submission deadlines are missed.   Making…

There has been an ongoing debate since the government started to reduce tax relief available on mortgage interest that having property in a company could be more beneficial.   In order to transfer the property from personal ownership there could be a CGT charge depending on the difference in value from when you bought it…

HMRC are writing to some individuals who started their sole trade/self-employment in 2019/20 and wish to claim the fourth and fifth self-employment income support scheme grant (SEISS). These individuals will be asked to complete some verification checks to confirm their identity and proof of their self-employment.   These individuals should receive a letter from 8th…

  Following Chancellor Rishi Sunak’s delivery of the Budget yesterday, we have a brief summary and details of how it may affect you. Please click the link below:   Whiting & Partners Budget 2021

HMRC have issued the new advisory fuel rates (AFR) which come into effect from 1st March 2021.   They have increased by 1p per mile for petrol and diesel vehicles with engines of 1400-2000cc reflecting a small increase in fuel prices over the last quarter.   The advisory electricity rate for fully electric cars remains…

Today HMRC have announced that they will not be charging Self Assessment tax payers a 5% late payment penalty if they pay their tax, or set up a payment plan by 1 April 2021.   This year, because of the impact of the COVID-19 pandemic, HMRC is giving taxpayers more time to pay or set…

During this unforeseen prolonged period of economic downturn charities may need to re-assess their short to long term aims. Certain planned activities may need to be delayed or even cancelled while more crucial expenditure takes priority. Charities may find it necessary to make use of their reserves to cope, or even just survive, this on-going…

Find out the up-to-date information on local business grants from West Suffolk Council during the COVID-19 pandemic:   COVID-19 support for business – grants (westsuffolk.gov.uk)

On 5th January 2021 the Chancellor announced new one-off top up grants for retail, hospitality and leisure businesses worth up to £9,000 per property to help businesses through the new lockdown.   The one-off top-ups will be granted to closed businesses as follows:   £4,000 for businesses with a rateable value of £15,000 or under…