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The Fenland Rural England Prosperity Fund (REPF) is here to help business owners in Fenland looking to invest in a capital project.   How Does It Work? Eligible businesses can apply for a grant of up to £10,000 to support projects such as farm diversification, building projects, new equipment, and more. This initiative, funded by…

As accountants, we may not be the first people you think about on this Back British Farming Day 2024, but as a local, market town firm in East Anglia we serve a range of farming clients from small tenant farmers to landowners of upwards of 1,000 acres.   Despite the range of farms and variances…

Do you know what VAT on purchases cannot be reclaimed? Most input tax incurred by VAT registered businesses can be recovered, however, there is some input tax that may not be.   A list of those areas where input VAT could be blocked is below: Where no or incorrect supporting evidence held Input tax relating…

There’s just under one month to go until the HMRC Self-Assessment registration deadline (5 October 2024) for the 23/24 tax year.   You’ll need to apply if you need to complete a tax return and have not sent one before, or did not send one last year.   If you are not sure if you…

We share our pre-Budget tax planning ideas, as the first Labour Budget is now only 5 weeks away (30th October). There is currently a lot of speculation of adverse tax changes that the business community and private tax clients should expect. Unfortunately, we have no inside knowledge of what Rachel Reeves will say. However, as…

Have you ever wondered what the benefits of outsourcing payroll are? If you have a PAYE scheme for payroll or Construction Industry Scheme (CIS) then we could help!   Outsourcing payroll can help you keep your PAYE running smoothly while keeping costs down. How? I hear you ask, well let me explain… Benefits of Whitings…

Has the Inheritance Tax Trap caught you out?   Inheritance Tax (IHT) receipts continue to rise. There may be some who have unnecessarily overpaid due to life insurance not being in a Trust. According to NFU Mutual, 6,810 estates that paid IHT in 2021/22 included life insurance policies which could be exempt from the charge…

Have you heard about these upcoming payroll changes? Tips & Gratuity Tips and Gratuity are changing on 1 October 2024. This applies to all businesses allocating and paying tips, gratuities and services charges. The changes are to make sure that the tips are allocated in a fair way and includes employer received through card payments…

What is a typical day in the life like when working in Payroll?   Really, there is no typical day working in payroll…   Payroll is fast paced. It can change by the hour depending on employer (ER) or employee (EE) changes, or even legislation.   How Does The Payroll Process Start? A payroll process…

What are the sick pay rules?   Legal Obligations First and foremost, an employer is under no legal obligation to pay an employee when they are off sick. In general, it has been found that employers offer between one and five days per annum as paid sick leave, but ultimately it is down to the…