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Employment Related Securities (‘ERS’) are securities that are acquired in connection with an employment. The ERS legislation aims to tax as employment income any value received by reason of an office or employment on the acquisition, holding or disposal of shares and other securities.   The term securities is broad and includes shares, debentures, loan…

With the Capital Gains Tax changes that were bought in during the Autumn Budget (30th October 2024) the government announced anti-forestalling measures to stop taxpayers pre-empting the increase in Capital Gains Tax by using unconditional contracts to use the previous lower rates of Capital Gains Tax.   These changes will cover all asset disposal types…

In an effort to simplify High Income Child Benefit Charge (HICBC), HMRC will allow HICBC to be paid, via the tax code from 2025.  This means that employed individuals receiving Child Benefit will may no longer need to register for self assessment. Who Will This Benefit? Employed individuals earning over £60,000, who are in receipt…

From April 2024 cash basis became the default reporting for all sole traders. So for those now looking to complete their 2024/25 tax returns this will now apply.   What does this mean? Previously there was a limit on the turnover of a business for them to qualify for the cash basis, from April 2025…

The 2024 Autumn Budget made several announcements in relation to Capital Gains Tax (CGT) all of which were re-affirmed in the 2025 Spring Statement. Most of these are due to commence from 6th April 2025 and here is a reminder of the changes.   Business Asset Disposal Relief: Business Asset Disposal Relief, previously known under…

Yesterday’s 2025 Spring Statement by the Chancellor of the Exchequer, Rachel Reeves, was much anticipated (or feared) by businesses and private clients alike. However, the  news from this is that there were no significant new tax announcements.   Click here to view the Whitings 2025 Spring Statement Summary.   Everything new for 25/26 and future…

The Fenland Citizen Business Awards 2025, held at The Braza Club in March, was a night of celebration for the local business community. Over 200 guests, including colleagues from across the Whitings Group, gathered to honour outstanding achievements across various sectors. Hosted by Matt Biggin and introduced by Citizen editor Jeremy Ransome, the event was…

From April 2026 the next stage of Making Tax Digital (MTD) roll-out, MTD for income tax self-assessment (ITSA), begins.   What will this mean for you: If your income from sole trader profits and rental income is over £50k then you will need to start completing quarterly returns to HMRC through software, as well as…

Whilst there are no changes to the rules surrounding statutory pay the annual rate of pay for statutory maternity pay, adoption, paternity pay etc. will increase from £184.03 to £187.18. At the same time statutory sick play will increase from £116.75 to £118.75 per week.   In order to qualify for statutory pay employees must…

Plan 1 Current interest rates will remain as Bank Base Rate + 1%. Threshold to increase to £26,065.   Plan 2 Interest charge is RPI increasing on a sliding scale to RPI + 3% depending on income and whether the student has finished their course. Through to August 2025 RPI calculated as 4.3%. Threshold will…