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Have you thought about your end of year tax planning?   As another tax year end comes around we turn our thoughts to any tax planning that can be undertaken before the 5 April.   You can find a link to our general tax planning guide here Tax Year End Planning Feb 2024, as a reminder…

Alongside the Autumn Statement, the government has announced the outcome of its ‘Making Tax Digital’ review for small businesses. The outcome of the review has prompted some welcome simplifications and tweaks to the regime that should make it easier for taxpayers to interact with the Making Tax Digital for Income Tax Self-Assessment (MTD ITSA) regime.…

Have you considered preserving your family wealth?   It is a common occurrence in times of economic uncertainty, most recently the COVID-19 pandemic and the 2008 financial crisis, that asset valuations slump. In recent weeks, there has been widespread concern about the economy and in particular the housing market, with the volume of transactions and…

As we are a Xero Platinum member, members of the Whitings Team were invited to their office in Milton Keynes where our hosts, Jamie and Claire, could show and explain to us how we can further use Xero and it’s supporting apps to assist our clients in their business journeys.   A Bit About Xero…

From 1 April 2023 the rules changed so that the rate of corporation tax that a company pays, and when, is dependent on the level of its profits as well as the number of its associated companies.     Rate Of Corporation Tax Standalone companies from 1 April 2023 with profits exceeding £250,000 will be…

Once clients have built up a successful business, their focus will naturally evolve from business development to protecting the valuable they have buily up from the risks associated with running a business.

The annual Whitings Golf Day took place on Friday 22 September at Pidley Golf Club.   At the start of the week, the weather forecast did not look too appealing, however, the weather held out for us and could only be described as, in the words of U2, a ‘beautiful day’. We had a great…

The ‘gifts out of surplus income’ exemption is a powerful, yet often forgotten about, Inheritance Tax (IHT) exemption. As the name suggests lifetime gifts made from surplus income are immediately exempt from IHT, provided that certain conditions are met.   To qualify for this valuable relief, the following conditions need to be satisfied: The gifts…

The UK Government recognises that payroll auto-enrolment pension contributions need to increase in order to cover projected short-falls in personal pension pots. A private members bill (Extension of Automatic Enrolment No 2) has received a second reading in the House of Lords & is scheduled to return to the Commons in September. The aim is…

We are seeing a lot of tax calculations (forms P800) and ‘Simple Assessments’ (forms PA302) being issued by HMRC recently.   Many of the tax calculations we have seen are incorrect – either because they only include an estimate of non-PAYE income (i.e. bank interest, life assurance gains, property profits), or they omit non-PAYE income…