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Start-ups: Make use of your spouse’s tax allowances. There are a lot of costs surrounding setting up your own business, so saving tax is a big concern for most clients. This can be done in a number of ways, through ensuring you are claiming all your business expenses. However there is also the consideration of…

QuickBooks Cloud: Invoice on the road. One of the facilities which has evolved through cloud accounting is the ability to raise invoices on a portable device; be it a mobile phone, tablet or laptop, and to submit these electronically to a customer whilst at their premises. Not only can the job be invoiced but payment…

EMI Share Options: the tax advantages. Enterprise Management Incentives (EMI) are a tax advantaged share option scheme that can be used to provide an incentive to key staff. The key tax advantage of EMI options in most cases is that no income tax or national insurance will be payable on the exercise of the option. The…

As long as we both shall live: I promise to share my personal allowance with you.. From April 2015, Finance Act 2014 allows spouses and civil partners who cannot claim the married couples allowance (therefore those born on or after 6 April 1935) to transfer a fixed amount of their personal allowance to each other to…

There are many attractive tax saving, asset protection and wealth creation features of owning commercial property within your own pension scheme. Along with other relevant professionals, including advisers from Whitings Wealth Management, we can assist in setting up and providing ongoing support services for the following types of pension scheme: SSAS’s – Small self administered…

Requests for Payment If you supply goods, the taxpoint for accounting for VAT on these sales is the sooner of: The raising of a tax invoice, or Receipt of payment. To delay this taxpoint, it will usually, therefore, be beneficial, prior to dispatching goods, to raise a “Request for Payment”,  “Application” or “Proforma Invoice” instead…

Cloud Accounting: Xero wins beauty parade Whiting’s Start-up Group has undertaken a comprehensive review of 15 leading cloud accounting packages available for UK SME’s.  This review compared these web hosted software products under the following key criteria: Training Add-ons Paying bills direct Up-time Direct bank statement feed Back-up Cost Although Sage has the market brand awareness…

Solicitors: Further consultation on proposed changes to Accountants’ Reports on client monies. Following a furore over plans to water down the rules for accountants’ reports on law firms’ financial accounts and safeguards for client monies, the Solicitors Regulation Authority (SRA) has launched a second consultation on accountants’ reports, which will be open until 28 January 2015.…

PRESS RELEASE:  Whitings Accredited as Member of Association of Crowdfunding Experts. Full press release: Click Here Blog entry by: Chris Kelly

Don’t Risk Poor Controls. Risk taking is an innate quality of entrepreneurs. However, those with prowess have the art of maximising beneficial opportunities and avoiding detrimental risks, thus limiting the potential for loss. With this in mind it is the responsibility of management to undertake regular risk management reviews and establish effective internal controls. Areas…