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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…

  Raising money for local good causes, four members of staff from the local office took part in the annual Ely Aquafest raft race, and went home with a trophy (nearly!).

Xero has two versions of reports – and old version and a new version. They are retiring the old version of their reports at 7pm BST on 30 July 2023. At which point, it will be time to switch to their exciting new reports and you will no longer have access to old reports. If…

The CTD scheme allowed individuals, companies, personal representatives, and trustees to deposit funds with HMRC, which could later be used to pay certain tax liabilities.   The scheme for new purchases closed on 23 November 2017. Existing certificates will be honoured until 23 November 2023. Any remaining certificates after this date should be promptly submitted…