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Alongside the Autumn Statement, the government has announced the outcome of its ‘Making Tax Digital’ review for small businesses. The outcome of the review has prompted some welcome simplifications and tweaks to the regime that should make it easier for taxpayers to interact with the Making Tax Digital for Income Tax Self-Assessment (MTD ITSA) regime.…

Individuals building their own home can submit their DIY housebuilders VAT refund claim digitally from 5 December 2023. The time limit for such a claim will also been extended to six months after completion of the build.   The VAT DIY housebuilders scheme gives DIY homebuilders the ability to reclaim the VAT they pay on building materials…

With the reduction in employees National Insurance (NI) through the Autumn Statement, to 10% and the drop in the dividend allowance to only £500 from April 2024. Alongside the previously announced rise in Corporation Tax rates. The question directors will ask again is, am I better paying myself a higher salary rather than dividends?  …

Are you wondering how the Autumn Statement effects Private Tax Clients?   This year’s Autumn Statement arrived at a time when both businesses and individuals alike are well and truly feeling the squeeze. With the performance of the economy better than expected this year (according to the Office for Budget Responsibility), but expected to grow…

We all saw the Autumn Statement on 22 November, but the question is, what’s in it for businesses?   This years three words were unsurprisingly Reduce, Cut and Reward, so with inflation reduced, taxes have been cut and there are rewards to hard work.     National Insurance The biggest headlines relate to National Insurance…

Having a strong relationship with a bank is crucial for many Charities that depend on the robust controls and support that a bank can provide. In recent years Charities have found it more difficult to open bank accounts particularly with the UK main high street banks, which has added to stresses that Trustees face along…

Have you considered preserving your family wealth?   It is a common occurrence in times of economic uncertainty, most recently the COVID-19 pandemic and the 2008 financial crisis, that asset valuations slump. In recent weeks, there has been widespread concern about the economy and in particular the housing market, with the volume of transactions and…

News broke on 8th November regarding the long-awaited results of HMRC’s consultation on holiday pay and entitlement for employed workers.   In 2011, in order to come in line with the Working Time Directive, HMRC deemed that the 12.07% accrual method for calculating holiday pay was unlawful. This led to several employee tribunal cases with…

It’s one of our favourite days of the year… That’s right it’s International Accounting Day!   This International Accounting Day we want to share with you the opportunities that are currently available at Whitings LLP, so that you too can find a job you love in Accounting.   In addition to joining a friendly team,…

Trustees’ Week 2023 At Whitings LLP we have many trustee contacts that play such a vital role in the charities we act for.   Charities have a huge impact on society and we act for many that dedicate their time and services to a variety of good causes.   As part of Trustees’ Week we…