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Where is revenge spending?
As we are hopefully now at the start of the end for Covid related business activity disruption. The accounts of local SME’s are now starting to show part of the damage they have experienced through the lock-downs and associated restrictive measures. The overall effect upon turnover for the year-ends of 2020 has not been as…
Self Assessment late payment penalties
HMRC are now issuing six month late payment penalty notices, as the due date for 2019/20 tax payments was over seven months ago (includes consideration to the additional months extension as a result of the pandemic). Taxpayers facing financial difficulties due to the impact of COVID-19 may have entered into a time to pay arrangement…
Whitings LLP Conversion
We are pleased to announce that we have today incorporated our practice into a limited liability partnership and shortened our business names from Whiting & Partners/Whiting & Partners Ltd to a unified Whitings LLP. As the world and our practice move forward, we have also modernised our branding and created a new group structure: …
MTD Delay
Making tax digital (MTD) for income tax is being delayed, originally due to come in from 6 April 2023 this has now been delayed. New proposed timetable: 6 April 2024: MTD for individual landlords with >£10k pa of rental income. 6 April 2025: MTD for general partnerships. No sooner than 2026: MTD for corporation tax.…
Net Zero Carbon: Does your business now need a plan?
From 1 October 2021, to be eligible to apply for public sector contracts over £5m pa, suppliers must have Net Zero Carbon Reduction Plans in place. These will be required to demonstrate a commitment to achieving Net Zero by 2050 in the UK: Taking Account of Carbon Reduction Plans in the Procurement of Major Government…
Accounts Basis Period Reform – Consultation
Under current rules, businesses draw up annual accounts to the same date each year. The profit/loss for the tax year is usually the profit/loss for the year to the accounting date – called the basis period. Tax is paid on profits earned in the basis period ending in the tax year in question. However,…
Tax on Cryptocurrency does not have to be cryptic
Within the last 10 years the cryptocurrency scene has exploded from the first decentralised cryptocurrency, Bitcoin, being created back in 2009 to now more than 4,000 different cryptocurrencies being in existence with a total market cap value of over £1trillion. This has led to the creation of the Cryptoassets Taskforce which was announced back…
Deferred tax rate to increase
Deferred tax is a provision on the balance sheet for timing differences in tax and accounting treatment of certain items, and is measured at the rate of tax that the differences are expected to reverse in the future. In recent years, deferred tax has been measured at the current corporation tax rate of 19%,…
Making Tax Digital – the next steps
Our MTD Group have produced Issue 5 of their newsletter giving details of Making Tax Digital (MTD) as it continues. So if you are unsure of what to do next, our newsletter has information and advice how to proceed. Don’t delay however as penalties will be introduced if submission deadlines are missed. Making…
Holding residential lettings in a company
There has been an ongoing debate since the government started to reduce tax relief available on mortgage interest that having property in a company could be more beneficial. In order to transfer the property from personal ownership there could be a CGT charge depending on the difference in value from when you bought it…