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1.25% rise in National Insurance will be reversed from 6 November
The 1.25 percentage rise in National Insurance will be reversed from 6 November, the Chancellor Kwasi Kwarteng has announced today (22 September). Chancellor of the Exchequer Kwasi Kwarteng said: Taxing our way to prosperity has never worked. To raise living standards for all, we need to be unapologetic about growing our economy. Cutting tax…
£10k startup grants available in Cambridgeshire
Cambridgeshire County Council has just relaunched its Business & IP Centre (BIPC) ‘Jumpstart’ grant scheme, to help startup businesses in Cambridgeshire. Main eligibility criteria: Your business must have been registered, in Cambridgeshire or Peterborough, on or after 1 November 2021, or be registered within two months of receiving the grant. You must be 18 or over.…
Tips: Changes to legislation (from April 2023)
The Employment (Allocation of Tips) Bill 2022-23, widely expected to become law for the start of the 2023-24 tax year, creates a new legal obligation on employers to ensure all tips, gratuities & service charges they receive, or have control of, must be paid to their employees without deductions. Employers must also ensure that the…
Trainee induction day: A warm welcome to all
Ensuring that our newly hired Trainees feel welcome and part of the team from day one is incredibly important to us here at Whitings LLP. On the 7th September 2022 we had the opportunity to welcome our 13 new starters at our first ever induction morning at our office based in Ely. It wasn’t…
5-Oct: SA registration deadline
There is now less than a calendar month before the self-assessment (SA) deadline for registering with HMRC (5 October 2022). Do not delay – register today! If you are not sure if you need to file an SA tax return, did you, between 6 April 2021 and 5 April 2022: Commence working for…
Property renovations: Potential VAT trap
VAT can be something of a minefield when it comes to construction, with the VAT rate depending on the specific circumstances. The applicable rate of VAT will vary depending on the project undertaken and should be considered from the outset to avoid potentially costly errors. The first sale of a newly built residential property will…
Bounce back loans: Managing repayments
During Covid-19 many businesses took out a government backed Bounce Back Loan (BBL) to financially support with funds up to £50,000. Repayments have now begun, and businesses are using a range of options to manage this going forwards. Many businesses continue to struggle through the aftermath of Covid-19 and challenging economic times. The options…
What is CIS?
The Construction Industry Scheme (CIS) was first introduced in 1971 (named the Construction Industry Tax Deduction Scheme) in order to combat tax evasion in the construction industry. This is done by contractors deducting money from a subcontractor’s payments and passing it onto HM Revenue and Customs on their behalf. The deductions are then considered as…
How much money will you need in retirement?
In working out what income you will need in retirement, there are many factors to take into consideration. You are not only having to look ahead 20, 30, maybe 40 years into the future, you are also having to look at your outgoings in the here and now and having to work out what you…
MTD: Old VAT portal closes on 1-Nov-22
VAT registered businesses with turnover exceeding £85k have been required to keep digital records and file VAT returns through making tax digital (MTD) compatible software for more than three years. All remaining VAT registered business have been moving across to this system since 1 April 2022. HMRC have now announced the old VAT portal…