Latest News
Our Content
HMRC increases interest on Late Paid tax
HMRC will raise interest rates on tax debt from 11 October following the 0.5% increase in the base rate. This means that the late payment interest rate will increase to 4.75% from 11 October 2022. The rate last increased to 4.25% on 23 August. This is the highest rate since the height of the financial crisis…
VAT Direct Debits – Cancelled?
Having received a copy of a letter a client has received from HMRC today, it states that due to inactivity on your VAT account your direct debit instruction has expired. If you wish to pay by Direct Debit in the future you will have to complete another Direct Debit instruction, either online or by post.…
New register of overseas entities: Register UK property now
Adding to the plethora of red tape, there is now a requirement for overseas entities (ie a legal entity, such as a company or other organisation, that has legal personality and is governed by the law of a country or territory outside the UK) who own or lease property or land in the United Kingdom…
SME Ely Awards: Congratulations to Austin Macauley Publishers
After winning individual categories, Austin Macauley Publishers were also adjudged the well deserved overall winners of the 2022 SME Ely Business Awards in last night’s awards ceremony held in Ely Maltings. Congratulations from all at Whitings. Whitings have supported this event for 9 consecutive years now, both as headline sponsors and in judging some of…
Office of Simplification change and review
The Chancellor Kwasi Kwarteng has announced on 23 September as part of the fiscal event that the Office of Tax Simplification will be closed. The Department was set up by former prime minister David Cameron and chancellor George Osborne in the first weeks of their coalition government. The OTS, which is an independent adviser to…
45% tax rate: Abolition abandoned
Less than 10 days after the government announced their ‘Growth Plan’ (otherwise known as the ‘mini-budget’), the chancellor has announced that the government will not proceed with the proposed plans to cut the 45p tax rate cut which was intended to come into effect from April 2023. As the government seem to be acting…
High income child benefit charge: A reminder
The High Income Child Benefit Charge (HICBC) was introduced in 2013 but with rising inflation and wages being pushed up this may mean that you may have to pay a tax charge, known as the ‘High Income Child Benefit Charge’ (HICBC), if you have an individual income over £50,000 and either: you or your partner…
60-day CGT deadline: Missed by many taxpayers
Last month, the Financial Times released an article detailing the huge numbers of buy-to-let investors and second homeowners failing to meet the 60-day Capital Gains Tax reporting and payment deadline, which is as high as 20%. The article can be found here: One-fifth of property sellers miss CGT payment deadline | Financial Times …
Mini Budget: How it affects SME’s
In his first fiscal statement in his recently appointed role as Chancellor of the Exchequer, Kwasi Kwarteng has made a series of unusually radical announcements to try and stimulate growth in the UK economy. Owners of SME businesses will be particularly interested in the following business tax changes: The planned corporation tax rise in April…
Mini Budget: How it affects individuals
Today’s announcements have created much more noise than the last Budget, which took place just 6 months ago to the day. Among the series of tax cuts and economic measures, here are the main points that concern individuals: The recent 1.25% rise in National Insurance is to be reversed from 6 November, with the proposed…