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  If you reached state pension age after 6 April 2016 and deferred taking your pension, you will receive a higher weekly amount when you start receiving it. However, if you reached state pension age before 6 April 2016 there is a second option, which is to receive a state pension lump sum rather than…

As we approach the end of another personal tax year (5 April 2020), there are a number of tax planning opportunities for individuals to consider to ensure best use is made of currently available allowances, exemptions and favourable tax rates:   Tax year end planning Brief Guide_Feb 2020   With the 2020 Budget also just…

A successful legal case claiming that grain silos should be treated as plant and machinery for corporation tax purposes – rather than land and buildings – has resulted in a successful tax refund claim by Whitings.   The claim was submitted following precedent set in the legal case, and resulted in a substantial tax refund…

With all the uncertainty over Brexit, we waited a long time to learn the date of Sajid Javid’s first Budget.   Finally we learnt this was to take place on 6th November, amid great excitement at muted suggestions about the possible abolition of Inheritance Tax and radical changes to stamp duty.   The bubble has…

July 2015 saw the end of direct debit collection for Class 2 National Insurance. Contributions are now collected through self-assessment and, despite there being 4 years since the change in the way payments are made, HMRC are still having teething problems. The issues arise as HMRC are running two computer systems side by side: national…

  The Department for International Trade is hosting “Get ready for Brexit” workshops across the East region, each running from 11:30 – 13:30 followed by a networking lunch.   Please see the link below for dates and venues.   http://x.email.ukti.gov.uk/ats/msg.aspx?sg1=6a523609b267f7129747b384f8f21e3e

The £3000.00 employer allowance ceases at the end of the current tax year. From April 2020 employers will have to re-apply for a di minimis state aid based allowance.   A new HMRC checklist will have to completed to declare the following;   NIC contributions in the previous tax year were beneath £100,000; Confirmation that…

2019 marks the 21st Anniversary of National Payroll Week which is from 2 to 6 September 2019.   National Payroll Week recognises and celebrates the importance of payroll in business and the UK economy.  Not many people may know that there are 1.3 million employers in the UK and that Payroll is the largest expenditure…

As we edge ever closer to what looks more and more likely to be a ‘no-deal’ Brexit, SME business owners should now be readying their businesses.   There is clearly no certainty over quite how affected we shall all be by Brexit. However, there are sensible risk management mitigation steps that business owners may wish…

  We’ve had some extraordinary exam results over the last few days – staff at Whiting & Partners have excelled themselves. Luke Bacon from St Ives office has achieved an outstanding result of 99% for the Financial Accounting and Reporting exam – coming joint first in the world.  This result has been recognised by the…