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For some companies, not all, another week 53 or even week 54 will be in operation again this year.   HMRC instructs payroll software writers to operate a week one basis for week 53 so as not to penalise employees with a higher tax liability in their final payment for the tax year. However, as…

Have you ever wondered why you would outsource your book keeping?   Are you fed up of doing your own VAT returns, or struggle with your accounting software? Do you find that you are not getting up to date information, as you wait until the year end for the accountant to produce the figures for…

It’s that time of year, the new Fuel Rates are in place from September 2024.   Below we share what these are for Petrol, LPG, Diesel, Hybrid and Electric cars:   Hybrid cars are assessed under the same rules as normally aspirated cars. From June 24, HMRC will be reviewing the rates for electric vehicles…

The Fenland Rural England Prosperity Fund (REPF) is here to help business owners in Fenland looking to invest in a capital project.   How Does It Work? Eligible businesses can apply for a grant of up to £10,000 to support projects such as farm diversification, building projects, new equipment, and more. This initiative, funded by…

Do you know what VAT on purchases cannot be reclaimed? Most input tax incurred by VAT registered businesses can be recovered, however, there is some input tax that may not be.   A list of those areas where input VAT could be blocked is below: Where no or incorrect supporting evidence held Input tax relating…

There’s just under one month to go until the HMRC Self-Assessment registration deadline (5 October 2024) for the 23/24 tax year.   You’ll need to apply if you need to complete a tax return and have not sent one before, or did not send one last year.   If you are not sure if you…

We share our pre-Budget tax planning ideas, as the first Labour Budget is now only 5 weeks away (30th October). There is currently a lot of speculation of adverse tax changes that the business community and private tax clients should expect. Unfortunately, we have no inside knowledge of what Rachel Reeves will say. However, as…

Have you ever wondered what the benefits of outsourcing payroll are? If you have a PAYE scheme for payroll or Construction Industry Scheme (CIS) then we could help!   Outsourcing payroll can help you keep your PAYE running smoothly while keeping costs down. How? I hear you ask, well let me explain… Benefits of Whitings…

Has the Inheritance Tax Trap caught you out?   Inheritance Tax (IHT) receipts continue to rise. There may be some who have unnecessarily overpaid due to life insurance not being in a Trust. According to NFU Mutual, 6,810 estates that paid IHT in 2021/22 included life insurance policies which could be exempt from the charge…

Have you heard about these upcoming payroll changes? Tips & Gratuity Tips and Gratuity are changing on 1 October 2024. This applies to all businesses allocating and paying tips, gratuities and services charges. The changes are to make sure that the tips are allocated in a fair way and includes employer received through card payments…