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Do you know what happens to property when a loved one dies?   Why Choose Whitings LLP to help with administering the estate? We understand that losing a loved one can be a very difficult and challenging time. It can often be a daunting process for those appointed as personal representatives with the worry and…

Don’t miss the 60 day deadline! It is now well established that taxpayers have 60 days from the date of completion to report a property disposal and pay any Capital Gains Tax (CGT) to HMRC. Those within Self Assessment must also report their disposal on the Capital Gains section of their tax return for the…

Company formation ID verification rules are coming. Long expected changes to the way in which new companies are formed have moved a step closer. Although the implementation date of the new rules is not yet known as the regulations are still at the draft stage, Companies House have released some further information about the new rules.…

What could changes to section 21 no-fault evictions mean for the property sector?   With the new government being elected it is important to see the impact this will have on landlords and tenants. Although Labour have been in power less than a month, one of their main campaign and manifesto points was to immediately…

Have you heard about the new audit exemption thresholds?   Before the recent General Election the Conservatives announced plans to increase the audit exemption thresholds. For the Turnover and Gross Assets thresholds, this increase is significant (50%), effective for accounting periods starting on or after 1 October 2024. For certain growing companies, this presents an…

We’re considering taxes under the new Government. Now that Labour have won the recent election, it is time to look at what this could mean for you and your taxes. Labour have committed to one major fiscal event a year in the hope that this will give businesses and individuals plenty of time to properly…

Have you considered trusts when it comes to tax planning and asset protection?   The Purpose of Trusts Whilst trusts were created during the 12th century to protect the assets and interests of the nobility, these days their use is no longer restricted to higher society. Today, trusts serve the same purposes as they did…

There continues to be an ongoing debate when buying a residential property to let out about whether to buy this personally or set up a limited company to own it. Unlike our sole trader v limited company comparisons for a trading business there is not a clear division based on profits. There are a lot…

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.…