Latest Tax Planning

With a Budget expected in a few months, and the expectation that taxes will need to rise, it appears to have been leaked that the Government are considering charging landlords NIC on their net rental profits. This has brought into focus the possibility of incorporating a property business, to counter this. Along with this potential…

With the potential tax changes that are making the headlines, is it time to plan ahead?   As the 2025 Autumn Statement approaches, as always, speculation is swirling over the potential tax changes that could be implemented. Having already seen significant hikes in the Spring 2025 budget, and with a rumoured £50billion black hole to…

Farming can happen under many different arrangements. Whether that’s in-house, a tenancy where a landowner lets their land to another to farm, a Contract Farming Agreement (CFA) between a landowner (or tenant farmer) and a contractor, casual contracting on an ad hoc basis or machinery sharing. It’s important to understand each option to consider which…

There’s Always Something! Welcome to Issue 26 of our Farming Group Newsletter for Spring/Summer 2025, our first since the shock Inheritance Tax (IHT) announcements were made in the Autumn Budget 2024. Ironically for many, the autumn, winter and spring conditions so far, despite a few pockets of wet and dry spells, have probably been the…

The Self Assessment return second payment on account deadline is approaching (31 July 2025). Your Whitings contact will be sending out payment reminders with the details of how much income tax you need to pay and what payment reference is needed. These details are also shown on your tax return letter or email for your…

Many people choose to donate to charity for a range of reasons, often influenced by personal experiences or the impact of someone they know. While tax benefits are rarely the primary motivation, there are several reliefs and considerations to keep in mind.   My recent article, for the Suffolk Community Foundation, highlights some of the…

Happy New Tax Year!   Now that the new tax year has begun it is time to look at taking advantage of the tax opportunities provided by the renewal of your tax allowances whilst also being the best time to gather and prepare your information for the previous tax year (2024/25).   We will be…

Are you aware of how the April NIC increases will effect Directors’ salaries?   From 6th April 2025, increases in Class 1 Employer’s National Insurance will come into effect, with the following changes: Employer’s NIC rate increasing from 13.8% to 15%. The secondary threshold, above which employer’s NIC are due, reducing from £9,100 to £5,000.…

Those within the Creative Industries will likely be aware of the various corporation tax reliefs available. A frequent question amongst those in the industry is “do we qualify for the relief available?”.   HMRC have now released a new tool to check whether your Company qualifies for specific reliefs. This includes Theatre Tax Relief which…

As we approach another personal tax year end, we turn our thoughts to tax planning opportunities and actions that should be considered before 5 April. The list below is not exhaustive; however, it should provide some food for thought.   Pension Contributions Higher rate and additional rate tax can be saved on pension contributions. However,…