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Last year the UK imported £350 billion of goods and services from businesses in fellow EU member states. Although a lot of talk in the run-up to Brexit is currently about what UK business should do to protect their interests post-Brexit, these European businesses should, similarly, be hedging their exposure to the expected changes. Germany,…

As we are now potentially within 2 years of Brexit, it seems natural to speculate over what changes we should expect. As tax is a key component of our fiscal policy, to finance the public purse and influence our behaviour, various tax commentators are now dusting off their crystal balls.  Within the EU, tax has…

Is your turnover more than £85k and you are a sole trader, partnership or landlord? If so you will need to comply with making tax digital from April 2018. Now is the time to start using software to ensure you are used to a new programme ahead of filing live returns to HMRC. Our Ely…

Whiting & Partners sponsored the Lifetime Achievement Award category at the 2017 High Sheriff Awards. In partnership with Suffolk Community Foundation, The High Sheriff, William Kendall held this year’s High Sheriff’s Awards for Suffolk on Thursday 23 March at The Hoffman Building in Snape Maltings. The awards were hosted by BBC Radio Suffolk presenter Lesley…

Brexit: New tariffs, what new tariffs? Now that Prime Minister May has written to the EU, triggering Article 50(2) of the Treaty on European Union, Brexit moves one step closer and SME’s slowly begin to wonder, “how might this affect us”? For your average local family business, the main areas of concern will probably be:…

Buy-to-let Mortgages: Tax relief restrictions soon to commence. The Chartered Institute of Taxation (CIOT) issued a press release today reminding residential property landlords that the first phase of the restriction of tax relief for mortgage interest commences in April. The change means that finance costs (including mortgage interest) will no longer be deductible in full…

Invitation: Prospects for UK Agriculture. Once again agriculture is facing many changes and challenges. In order for us all to try and understand the many factors affecting us we have again engaged Andersons, the Farm Business Consultants, to present to us their “Prospects for UK Agriculture” Seminar, on Wednesday 26 April 2017. We are pleased,…

Making Tax Digital: Seminar Invite. Attend a free seminar at our Ely office on 11 April 2017 at 8:30am, to understand the new digitised book keeping and quarterly submission requirements of Making Tax Digital: Full Invite Details and RSVP Return Slip Blog entry by: Amanda Newman.  

Income Tax Married couples – consider transferring assets between spouses, to ensure income is taxed at the lowest marginal rate, Let properties – if you let property in need of re-decoration, repair, etc, consider bringing forward expenditure to accelerate tax relief, Family businesses – consider employment of spouse or increasing the employed spouse’s earnings, to…

What’s in it for the self-employed? Starting with the good news, those with a turnover of less than £85k have been delayed from having to adopt accounting software and quarterly reporting under HMRC’s new Making  Tax digital until April 2019. However, on the downside, you will have to pay 10% class 4 national insurance rather…