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We discuss the last 80 years of PAYE, including what happened before, its introduction and what has happened since.   In April 1944 HMRC, formally known as the Inland Revenue sought to simplify the way workers would pay their taxes with the introduction of Pay As You Earn or PAYE.   What Happened Before PAYE?…

Unfortunately it is the time of year that we must remind everyone to beware of Self Assessment scams.   HMRC have provided guidance with examples of phishing emails, suspicious phone calls and texts that you may receive. Click here to find out more.   Please don’t fall for these!   HMRC will not email, text…

Do you have a plan to deal with the April National Insurance Contribution (NIC) increases?   Since Rachel Reeve’s first Budget last October, businesses that employ staff have been worrying over what they should do about the NIC increases being introduced WEF 6 April 2025: Employer’s NIC rate increasing from 13.8% to 15%. The secondary…

Wondering whether there is tax on selling that unwanted jumper from Granny? HMRC continue their focus on targeting areas where they believe more tax can be collected. Their latest campaign is looking at individuals who sell a high value of unwanted items online and checking that such activities are disclosed and taxed as a trade,…

We are now able to clearly see how SME clients faired in terms of turnover growth during 2024. As the graph above shows, the average annual growth at 0.4% was lacklustre at best, and well below the Government’s 2.5% target : Within this average were variations between different sectors: Manufacturing               +4.4% Haulage       …

The regulations which prescribe the required content in a Charity’s annual return were updated on 20 December and come into force for annual returns filed in relation to accounting year ends of 1 January 2025 and thereafter.   All charities registered with the Charity Commission must file an annual return, but the size of the…

Happy New Year from the Whitings LLP Team! As we welcome in the New Year, we would like to thank you for your loyalty and support in 2024 and we are excited to continue working with you in 2025.   Wishing you a prosperous and joyful New Year! Can’t Wait To See Us? Click here…

Following my post back in October 2024 which reported on the government’s commitment to follow through on plans to increase company size thresholds, we now have the legislation confirming the audit threshold changes and when they will be implemented.   What are the changes? For financial years beginning on or after 6 April 2025, thresholds…

Whilst one of the main talking points from the recent Autumn Budget was the increased National Insurance burden for employers, has one change gone under the radar?   Key Changes in the Budget Employers’ National Insurance Increase: The rate has risen from 13.8% to 15%, and the threshold at which National Insurance contributions apply has…

As the festive season is well and truly upon us, please find below our 2024 Christmas & New Year Office Hours:   Bury St. Edmunds Closed from: 5.30pm 20th December 2024. Re-opens at: 9.00am 2nd January 2025.   Mildenhall Closed from: 5.30pm 24th December 2024. Re-opens at: 9.00am 2nd January 2025.   Ely Closed from:…