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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…

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…

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…

For around the last 20 years or so, the tax treatment of company cars has continually become less attractive. The value of the benefits in kind, taxable on the employee, has increased quicker than inflation, and the capital allowance tax deduction, for the business, has become more and more diluted. As part of its plans…

For many SME owner-managed businesses, the tax optimum director remuneration structure for many years has been one of a low salary accompanied by high dividends. This allows Companies to take advantage of low dividend tax rates and, in many cases, no employers national insurance to be paid by the company (if paid at the Secondary…

  Due to Bank of England increasing interest rates, the Department for Education (DfE), in conjunction with the Student Loans Company, have confirmed changes to interest rates & repayment thresholds.   Plan 1 Type Student Loan (those who started study before 1-Sep-12)   From 1 Sept 22 the interest rate will increase from 1.5% to…