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Whether you are self-employed, run a business, are a property landlord, an investor or have overseas income and gains, mistakes can occur when dealing with your taxes, reporting and making the relevant disclosures to HM Revenue and Customs (HMRC).   Whilst the idea of making mistakes and errors can be worrying and of concern, so…

HMRC implemented the personal tax account back in 2015 with every UK taxpayer having their own personal tax account. However, an ever-larger percentage of the working population are unaware of their tax account and the importance of checking it regularly.     What is a personal tax account and benefits of using it regularly: Your…

With the UK tax system as complicated as ever, there are certain rules which we come across that can very easily give a particularly unexpected (and unpleasant) consequence. Income Tax When either parent has taxable earnings over £50k (after personal pension contributions), entitlement to child benefit is reduced. As higher rate income tax starts at…

ISA’s are the International Standards on Auditing. There are regular changes, revisions and new ISA’s implemented across the audit world. A recent revision to ISA 315 is well talked about, due to the significant changes it brings to audits.   ISA 315 covers ‘Identifying and Assessing the Risks of Material Misstatement’ and the revised ISA…

Wondering ‘Why should I write a business plan?’ Business plans are vital for the future of any small and large companies. They investigate the long-term goals and objectives that you would like to achieve and put these into short term goals to ensure you are reaching your end target.   A good business plan may…

Plan and reflect or reflect and plan? The first few months of the year generally allow for a reflection on the previous year and then planning ahead for the current year, however planning ahead this year looks like it could be even more difficult than normal.   House prices are growing, albeit slowly, mortgage rates…

  The King’s Lynn office of Whitings LLP has recently seen the promotion of Stephen Malkin to Partner, another example of our firm’s success in developing talent within the Partnership.   Although Stephen started his accountancy journey elsewhere he joined us at an early stage in his career and his hard work and an empathy…

Tax returns for the tax year ended 5 April 2022 were due for filing by 31 January 2023.   HMRC will soon start issuing daily penalties where 2021/22 tax returns remain outstanding.   Where tax returns are not submitted within 3 months of the deadline (before 1 May 2023), taxpayers will be charged a flat…

It’s commonly known that, following changes introduced gradually from 2017/18, the method by which finance interest is relieved has changed dramatically. No longer can interest be deducted in full when calculating rental profits; instead, relief is provided by way of a 20% tax reducer.   With the recent increases in loan interest rates and the…

In light of the increase to corporation tax rates, effective 1 April 2023, you may be considering how to reduce your corporation tax liabilities. One option is purchasing a car through your limited company – the key points to consider in your decision are as follows.   Investment allowances on purchases of motor cars: First…