Latest Tax Planning

We recently visited the offices of Taylor Rose Solicitors to co-host a Post-Budget Forum at their Peterborough office on 18 November 2024, overlooking the fabulous Ferry Meadows country park.   At the event Nicholas Johnson, Partner at Taylor Rose and I lead the discussions with those in attendance from the local business community, professional advisors…

Rachel Reeves announced in the 2024 Autumn Budget that pensions will be subject to Inheritance Tax (IHT) from 6 April 2027. Pensions have always been a valuable IHT planning tool, but it seems not any more. However the actual tax charge could be up to 67% on the pension inherited, if not covered by a…

Do you know what VAT on purchases cannot be reclaimed? Most input tax incurred by VAT registered businesses can be recovered, however, there is some input tax that may not be.   A list of those areas where input VAT could be blocked is below: Where no or incorrect supporting evidence held Input tax relating…

We share our pre-Budget tax planning ideas, as the first Labour Budget is now only 5 weeks away (30th October). There is currently a lot of speculation of adverse tax changes that the business community and private tax clients should expect. Unfortunately, we have no inside knowledge of what Rachel Reeves will say. However, as…

Has the Inheritance Tax Trap caught you out?   Inheritance Tax (IHT) receipts continue to rise. There may be some who have unnecessarily overpaid due to life insurance not being in a Trust. According to NFU Mutual, 6,810 estates that paid IHT in 2021/22 included life insurance policies which could be exempt from the charge…

From 6th April 2024 HMRC want to encourage more of the self employed to use the cash basis when completing their accounts and self-assessment tax returns.   The new cash basis from 6th April 2024 will mean: The cash basis will be the default, with an opt-out for those wishing to use the accruals basis.…

With the upcoming General Election we are thinking about tax planning for SMEs.   The 4th July election day will be with us before we know it and many SME business owners are starting to think about whether they should undertake any protective actions. Especially if they think a change in government is looking likely.…

It’s the question which many start ups ask themselves, ‘Should I be a Sole Trader or a Limited Company?’   It’s something that we here at Whitings are more than happy to advise on and help you with. So whether this is your first business venture or you’ve had businesses before, it’s always helpful to…

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…

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…