Latest Tax Planning

25th May 2022 A Grim Reap?

We work hard to improve our lot and most of us hope that our loved ones will reap some benefit from our endeavours. But assuming that we don’t manage to spend all the fruits of our labours, the taxman is lurking. And he will take a sizeable chunk if we don’t plan sensibly.   The…

8th April 2022 Basis period reform

From the 2024/25 tax year, HMRC are looking to tax profits of unincorporated businesses on a tax year basis, rather than on the accounting year (or period) basis, effectively removing the current basis period rules.   Therefore, any unincorporated businesses without a 31 March or 5 April year end will be affected by these changes.…

6th April 2022 2022-23 Tax Rates

Summary of tax rates, allowances, etc, for the new tax year, as announced by Chancellor of the Exchequer Rishi Sunak MP, plus a brief commentary from our tax group: Whitings LLP tax card 2022

23rd March 2022 Shielding you during an HMRC Investigation – Our Tax Enquiry and Investigation Service

HMRC police the tax system by investigating the accuracy of tax returns, VAT returns, payroll, etc via targeted, or random, tax enquiries. With a budget deficit of over £355 billion we fully expect HMRC to raise more enquiries this year to increase tax revenues. You will want to be in a position to ensure that…

1st March 2022 Inheritance tax and the increase in property prices

While you may be pleased that the value of your home is increasing, it may also mean that you need to consider the effect that the increased value may have on Inheritance Tax.   The number of people being caught by Inheritance Tax has increased by over 35% within the last year, mainly due to…

3rd February 2022 NHS Doctors – 2019/20 Scheme Pays Election & Compensation Policy Application

The extended 31 March 2022 deadline for NHS Doctors to submit their scheme pays elections and compensation policy applications for the 2019/20 tax year is fast approaching.   For those NHS Doctors that suffered an annual allowance pension tax charge in the 2019/20 tax year had the option to either pay the charge directly to…

1st February 2022 Pre 5-Apr-22 personal tax planning

With the next personal tax year end just around the corner, make sure you use all the allowances and reliefs available to you: Income Tax Consider bringing forward income (salary or dividends) to before 5 April 2022, to avoid the 1¼% increases in NIC and dividend income tax rates. Use annual relief for pension contributions. …

12th January 2022 Furnished Holiday Lets: Rates loophole to close

From April 2023, the government will be tightening up the rules in England where currently some landlords do not pay either business rates or council tax on their furnished holiday lets.  In most cases, however, landlords will want to be assessed for business rates in the hope of qualifying for small business rates relief (SBRR),…

11th January 2022 Should your company have a ParentCo?

If you operate a trade through a limited company, and your ‘numbers’ are big enough, then there are some scenarios where it is often best advice to insert a parent company above this trading company, to create a simple group structure: As a risk management measure, to enable valuable assets (eg business premises, investment property,…

11th December 2021 Tax exemption of Christmas parties/gifts

Businesses may be hoping they can hold their annual Christmas parties this month. Providing the event is annual, open to all employees and the total cost, including VAT, is less than £150 per person (including non employee guest attendees), this will be a non-taxable benefit in kind (ie free of PAYE tax and National Insurance…