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We are seeing more and more cases of individuals missing out on claiming higher rate tax relief on their employee pension contributions especially where they are not in self-assessment and required to file tax returns.   Where employers have enrolled their staff to make employees pension contributions via a ‘relief at source’ scheme, the contributions…

A new penalty regime came into effect for VAT periods starting on or after 1 January 2023. The changes will impact the charges for missing VAT filing and payment deadlines and will be replacing the current VAT default surcharge system. These changes place continued importance on being up to date with your VAT returns, aware…

HMRC Changes to the National Insurance contributions for 2022-2023 tax year, are you confused? Due to the COVID-19 strain on the NHS, the government announced that they would be increasing the National Insurance contributions by 1.25% as a means to increase spending on health and social care. The Health and Social Care Levy was applied…

Time is running out for taxpayers to settle any second payment-on-account for the 2021/22 tax year. The payment is due by 31 July, where one is payable. The amount payable is the second payment-on-account for the 2021/22 tax year and is automatically calculated as half of the total tax liability for the previous tax year,…

Back in March 2022, DEFRA quietly published new regulation affecting users of plant protection products (PPPs). All businesses, organisations or sole traders that use professional PPPs (sprays to you and I) need to register to comply with the new regulations by 22nd June 2022. This applies to all farmers, contractors, estates, landlords who use contractors,…

The Trust registration service went live in 2017 and required any express trust with UK liabilities to register whether they were UK or non-UK resident. An express trust is simply a trust deliberately created by a settlor by transferring property to a trustee. Who should register? Recent money laundering directives have extended the definition of…

How the budget affects individuals… Following the Chancellor’s spring statement this afternoon, it appears that the planned 1.25% increase in national insurance will continue to go ahead in April, in order to raise funds for health and social care. However, as part of the government’s Tax Plan, the Chancellor is attempting to take the sting out…

The next stages of the MTD roll-out, which will affect self-employed traders and landlords with annual income over £10k, is scheduled for 6 April 2024.   Below is Whitings MTD Group’s sixth issue edition of our Making Tax Digital newsletter and what could be the most revolutionary stage of Making Tax Digital – MTD for…

For some businesses having a strong credit rating is fundamental to their future success. It can affect availability of supplier credit, the ability to borrow and eligibility to be on customer/prospect tender lists as an approved supplier. For many other businesses, however, this credit rating is totally irrelevant.   Experian is one of the major…

For those clients that prepare self-assessment personal tax returns, 31 January is usually tax payment day. This tax will primarily be based on your personal income for the tax year ended 5 April 2022, potentially made up of 2 components: The balancing payment for 2021/22 (total 2021/22 tax less 31-Jan-22 and 31-Jul-22 payments on account).…