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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…

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…

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…

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.…

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…

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…

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…

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…

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…

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…