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The latest Advisory Fuel Rates (AFR’s) for electric company vehicles took effect from 1st September 2023, with the new rate set at 10p per mile (previously 9p per mile). The latest diesel, petrol & hybrid rates are listed below:   Diesel   Engine size (cc) Fuel price (per litre) Rate per mile Advisory fuel rate…

A quick summary of the Student Loan Thresholds for 23-24 Tax year.   The Department for Education (DoE) has confirmed the following changes for the next tax year:   Plan 1 (student loans pre-2012) the threshold will rise to £24,990   Plan 2 (student loans post 2012) the threshold will rise to £27,295   Postgrad…

The employee is entitled to claim additional Statutory Maternity Pay (SMP) if a pay rise took place, or would have been awarded, between the start of the relevant period & the end of her statutory maternity leave had she not been absent on statutory maternity leave.   The ruling is not a new one, coming…

Since 2015, the government has been promising action on the way employers deal with tips and gratuities in the hospitality sector. After many delays the Employment (Allocation of Tips) Act 2023 was passed in May 2023 & will most likely become law in 2024.   Historically, tips paid in cash have always been allocated to…

There is now less than a calendar month before the self-assessment (SA) deadline for registering with HMRC (5 October 2023). Do not delay – register today!   If you are not sure if you need to file an SA tax return, did you, between 6 April 2022 and 5 April 2023: Commence working for yourself…

The Recovery Loan Scheme  is back (RLS3) in a new form, to support access to finance for smaller UK businesses for growth and investment. The current phase of RLS3 is due to end on 30th June 2024.   The RLS is designed to support businesses with cashflow, investment and growth with funds up to £2m.…

The ‘gifts out of surplus income’ exemption is a powerful, yet often forgotten about, Inheritance Tax (IHT) exemption. As the name suggests lifetime gifts made from surplus income are immediately exempt from IHT, provided that certain conditions are met.   To qualify for this valuable relief, the following conditions need to be satisfied: The gifts…

It’s National Payroll Week and what better way to celebrate, than to let you know about our very own Payroll offering ‘WPB’, here at Whitings LLP!   What is WPB? Whitings Payroll Bureau (WPB) is a long-established payroll arm of Whitings LLP based at the Whitings offices in Bury St Edmunds, Ely, Mildenhall and St…

Capital allowances can be claimed by landlords’ expenditure on “plant and machinery” which can reduce your profits and indeed create losses, the use of such is not covered here, but they can certainly be very beneficial.   The property in question is important and will determine the allowances that can be claimed and at what…

HMRC have delayed the introduction of the claim notification forms and additional information requirements regarding Research & Development (“R&D”) tax claims by a week due to delays in Finance Bill timetabling.   Originally due to come into effect on 1 August 2023, the Relief for R&D Regulations 2023 will now be put into law on…