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Since The Economic Crime and Corporate Transparency Act (ECCTA) received royal assent in October 2023, a number of measures have since been rumoured. Companies House have now announced the below provisions that are planned to come into force on 4th March 2024. These changes hinge on the secondary legislation passing through parliament and will not come into…

The recent First Tier Tribunal case of Patwary (https://caselaw.nationalarchives.gov.uk/ukftt/tc/2024/53) considered the burden of proof that a property was a only/main residence for tax relief purposes.   The availability of Private Residence Relief (PRR) available on your only/main residence is one of the most valuable Capital Gains Tax (CGT) tax relief’s available.   PRR will exempt…

Issue 4 of our Property Matters Newsletter is out now!   What to expect from Issue 4: Where Does HMRC Get Information? Types Of Ownership: Property or Land Rent-a-Room Selling Your Garden – Tax Implications     Click here to read our Property Matters Newsletter: Issue 4.     Get In Touch For more information…

In 2016 the government launched a trial scheme to payroll benefits. The purpose of this was to make the declaring and paying tax on benefits easier in comparison to submitting annual P11D forms and also to provide HMRC with real time information.   Due to the regulations HMRC put in place at the time, it’s…

Over And Out   This will be the final Agricultural Newsletter produced during my tenure as Chair of our Farming Group and it would not be right if taxation was not considered in at least one contribution. Mike Blackledge provides for this with a review of the consequences of multiple rates of Corporation Tax where…

Nominations for the Fenland Business Awards 2024 are open!   Whitings LLP are delighted to be the headline sponsor of the Fenland Business Awards for the second consecutive year.   Whitings have served businesses and individuals in the Fenland region since 1928 and as such have been keen to continue to support this event to…

The forthcoming Self Assessment payment date of 31st January 2024 is looming. HMRC last increased the late payment and repayment interest rates on 22nd August 2023 and this applies to the main taxes and duties that HMRC currently charges and pays interest as follows:   Late payment interest rate — 7.75%   Repayment interest rate — 4.25%…

The Chancellor, Jeremy Hunt, has announced that the Spring Budget will take place on Wednesday 6 March 2024. This will be the Chancellor’s second budget and will include the government’s tax and spending plans as well as new growth and borrowing forecasts.   The Spring Budget could be followed by a general election in as…

Entries are open for the 2024 SME Ely Business Awards. We all know the importance of celebrating what we have achieved in business, and the SME Ely Business Awards are just the way to do it.   If you run a SME business based within the Ely area and you have a success story to…

With the 6th March Budget just around the corner, many SME business owners are beginning to wonder what’s in Mr Hunt’s red ministerial box, which got us thinking, ‘what might the SME wish-list look like in the ideal world?’   There are 2 reasons to be a little more optimistic than usual this time around:…