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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,…

We work hard to improve our lot and most of us hope that our loved ones will reap some benefit from our endeavours. But assuming that we don’t manage to spend all the fruits of our labours, the taxman is lurking. And he will take a sizeable chunk if we don’t plan sensibly.   The…

Understanding how to account for your business’s transactions with online selling platforms can be complicated. Ensuring that you are submitting the correct information to HMRC can be tricky as not all platforms have the same VAT treatment.   A2X could make your life easier by saving you time and headaches from the complex world of…

From the 2024/25 tax year, HMRC are looking to tax profits of unincorporated businesses on a tax year basis, rather than on the accounting year (or period) basis, effectively removing the current basis period rules.   Therefore, any unincorporated businesses without a 31 March or 5 April year end will be affected by these changes.…

Summary of tax rates, allowances, etc, for the new tax year, as announced by Chancellor of the Exchequer Rishi Sunak MP, plus a brief commentary from our tax group: Whitings LLP tax card 2022

HMRC police the tax system by investigating the accuracy of tax returns, VAT returns, payroll, etc via targeted, or random, tax enquiries. With a budget deficit of over £355 billion we fully expect HMRC to raise more enquiries this year to increase tax revenues. You will want to be in a position to ensure that…

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…

From 1st April 2022, every VAT registered business will be required to file their VAT returns digitally through HMRC’s Making Tax Digital system.   This means all VAT registered businesses, regardless of their level of turnover, which hadn’t previously been submitting their VAT returns to HMRC via MTD compliant software, will now be required to…

While you may be pleased that the value of your home is increasing, it may also mean that you need to consider the effect that the increased value may have on Inheritance Tax.   The number of people being caught by Inheritance Tax has increased by over 35% within the last year, mainly due to…

There have been some ongoing issues with Xero’s bank feeds feature for the last couple of months across the globe, Xero are aware of these issues.   There is a suggestion it could be to do with numerous bugs being the cause as well as the new open banking platform, Tink. We are keeping up…