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The current Accounts Rules are made up of over 40 detailed requirements, making it difficult for firms to fully understand what is required of them, as well as giving firms no flexibility to adapt them to their own practices and decide how best to look after client’s money.   The new rules coming into effect…

The government has provided positive news for Company car drivers announcing that a pure electric vehicle (EV) will no longer pay benefit-in-kind (BIK) tax in 2020/21 following a review which looks set to boost sales of emissions-free cars. HM Treasury’s response to its review of the fallout from the roll-out of the Worldwide Harmonised Light…

Most individuals who are required to prepare and submit a self-assessment tax return to HM Revenue & Customs in each tax year should now be preparing for their next half-yearly tax payment which is due by July 31.   This tax is the second payment-on-account for the 2018/19 tax year. It is automatically calculated as…

A PAYE Settlement agreement allows employers to make one annual payment to cover the tax and National Insurance liability on minor, irregular or impracticable expenses for any employees. HMRC have now changed the process for PSAs and, instead of applying for a new PSA annually, from 2018-19 employers will have an enduring agreement and therefore…

                        On 8th May, friends and colleagues got together for a Paint Night in aid of East Anglian Air Ambulance. Rosey Hancock, a local artist, taught the class step-by-step how to paint a wonderful lion on canvas. All attendees thoroughly enjoyed the event and…

We are now two months past the start date of the 1st April 2019 for Making Tax Digital for VAT and into the last month of what will be some businesses first VAT quarter under Making Tax Digital. Some businesses may not be aware that even though they may be on MTD compliant software that…

It will probably be apparent to the casual observer, let alone the business owner or high net worth individual, that the tax climate has changed markedly over the last 10 years. As part of the raft of measures to tackle austerity within western developed nations, with the aim of collecting higher tax revenues, governments have…

In a welcome about turn, HMRC has changed its controversial policy on the recording of purchase invoices under Making Tax Digital for VAT. This will mean a huge time-saving for many businesses using the cash accounting scheme.   Under the cash accounting scheme, input tax is only claimed when payments are made to suppliers, and…

The property allowance was introduced on 5 April 2017, allowing a flat rate deduction of £1,000 to be claimed against property income, in lieu of keeping detailed records of expenses. This however, raises the question as to whether individuals renting out a joint property are required to make the same claim as one another. In…

  On Thursday 16th May, Whitings attended RSM’s first ever Zorb Football Tournament in aid of the charity GeeWizz! After playing against 5 other firms, Whitings managed to finish 2nd overall based on goal difference.   It was a great event which helped raise money for a great cause. GeeWizz help support children and young…