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If you were interested in offering your employees the Cycle to Work Scheme, there are three main methods you could use:   Salary Sacrifice Loan Pooled cycles   Method 1: Salary Sacrifice Under this method, your employee would be agreeing to sacrificing part of their salary before tax and you would provide the hire of…

What is a scheme pays election? Scheme pays is a facility that allows you to ask NHS pensions to pay some or all your annual allowance excess charge. However, by making a scheme pays election you suffer a permanent reduction in the pension benefits that you will receive in retirement. If I make a scheme…

The Prime Minister has announced today that she will reverse her recent mini-Budget plan to scrap next years increase in corporation tax rates. From April 2023, the main rate of corporation tax for companies with profits of £250,000 (assuming no associated companies) or more will be 25%. For those with profits of £50,000 or less the…

HMRC will raise interest rates on tax debt from 11 October following the 0.5% increase in the base rate.   This means that the late payment interest rate will increase to 4.75% from 11 October 2022. The rate last increased to 4.25% on 23 August. This is the highest rate since the height of the financial crisis…

After winning individual categories, Austin Macauley Publishers were also adjudged the well deserved overall winners of the 2022 SME Ely Business Awards in last night’s awards ceremony held in Ely Maltings. Congratulations from all at Whitings. Whitings have supported this event for 9 consecutive years now, both as headline sponsors and in judging some of…

The 1.25 percentage rise in National Insurance will be reversed from 6 November, the Chancellor Kwasi Kwarteng has announced today (22 September).   Chancellor of the Exchequer Kwasi Kwarteng said: Taxing our way to prosperity has never worked. To raise living standards for all, we need to be unapologetic about growing our economy. Cutting tax…

Cambridgeshire County Council has just relaunched its Business & IP Centre (BIPC) ‘Jumpstart’ grant scheme, to help startup businesses in Cambridgeshire. Main eligibility criteria: Your business must have been registered, in Cambridgeshire or Peterborough, on or after 1 November 2021, or be registered within two months of receiving the grant. You must be 18 or over.…

Ensuring that our newly hired Trainees feel welcome and part of the team from day one is incredibly important to us here at Whitings LLP.   On the 7th September 2022 we had the opportunity to welcome our 13 new starters at our first ever induction morning at our office based in Ely. It wasn’t…

A week has passed since James’s debut win at the annual #WhitingsLLP golf day and after a long week of welcomed celebrations, plaudits, signing autographs and dealing with the media, it is time to put his feet firmly back on the ground. Unfortunately, taking 1st place comes at a cost, with the responsibility of organising…

VAT registered businesses with turnover exceeding £85k have been required to keep digital records and file VAT returns through making tax digital (MTD) compatible software for more than three years. All remaining VAT registered business have been moving across to this system since 1 April 2022.   HMRC have now announced the old VAT portal…