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Xero Cloud Accounting: We now have 36 Xero certified staff. At Whiting & Partners we believe that the greatest benefits arise from working together and so we are particularly pleased to be a Xero Certified Partner. Xero are the UK’s leading cloud accounting software provider, giving UK subscribers a real time view of their business finances.…

Making Tax Digital (MTD) and BREXIT: Calls for more exemptions. The MTD consultation documents issued by HMRC on 15th August included an exemption from the proposals for quarterly digital reporting for small businesses and landlords with income below £10,000. This has prompted calls from interested parties for further concessions including an increase in the exemption…

Taxation of Termination Payments: ‘All change’ HMRC has, for a while now, been trying to find a way around allowing the £30,000 tax free termination payment to employees. This may, in part, be from the knowledge that there have been occasions where some employers have excluded the inclusion of ‘payments in lieu of notice’ (PILON)…

Auto-Enrolment: Are you prepared? Auto-enrolment is looming for many small employer’s now, with the next staging date of 1 October 2016 fast approaching. Are you prepared for the complexities that come with Auto-enrolment?  Although many software providers cater for this now, often understanding the legislative details can be a minefield. Through our Ely Payroll department…

Small Buy-to-let Landlords: HMRC offers simplified tax rules. HMRC’s 12-week consultation into Making Tax Digital (MTD) published 15th August focuses on one of the measures aimed at simplifying the tax rules for unincorporated property businesses, giving landlords the choice to use the simplified cash basis, currently only available to some unincorporated traders. Landlords with annual business income below £10,000 will not be required to keep their business records digitally or provide quarterly updates to HMRC, but they will still be able to use the optional cash basis. Through using the cash basis, the move towards quarterly updates required by MTD would become more straightforward, giving landlords additional flexibility.

SME Growth: Will BREXIT spoil the party? SME’s are generally focused on growing the sales side of their business, to improve bottom line profitability. Having bounced back from the double-dip recession, then flat-lining for a couple of years, it looked like proper growth had once again returned to our local businesses: (Source Data) And then came…

BREXIT: What now for UK manufacturing? Now that the dust is beginning to settle following the UK voting to leave the EU, it is clear that it will take some time to determine what the economic infrastructure will be once we do finally reach the point of exit. One immediate effect, however, is the initial…

On the Road: And in the cloud? Road hauliers, both big and small, can enjoy the advantages of a cloud based accounting system. For the small operator, with say 4 or 5 vehicles, who is actively on the road, a cloud based system such as Xero or Quickbooks online will provide the ability to raise…

Landlords: Get ready for submitting 4 tax returns a year? H M Revenue & Customs will be implementing ‘ Making Tax Digital’ over the coming few years. Their aim is for ‘most’ landlords to be reporting their income each quarter via their digital tax account rather than after the end of the tax year on a tax return.

Transferring Second Property into Joint Names: Beware SDLT trap! We commonly advise married clients who are considering a transfer of rental property from one spouse into joint names. Where the owner spouse is a higher rate taxpayer, there is often a potential to make use of the other spouse’s basic rate tax band. The potential income…