Latest Business Support

As I am sure we are all aware HMRC are able to open investigations into the accuracy of tax returns, VAT returns, payroll, etc via targeted, or random, tax enquiries. With an ever increasing budget deficit I fully expect HMRC to raise more enquiries this year to increase tax revenues. You will want to be…

From 6th April 2023, HMRC will no longer accept paper P11D and P11D(b) forms. All submissions, for the 2022-23 tax year onwards, will have to be made through HMRC’s PAYE Online Services or commercial payroll software.    This change also affects how amended P11D and P11D(b) submissions must be made. Historically, amendments could only be…

In Jeremy Hunt’s first budget speech he provided a great deal of headline support to UK businesses and concentrated on the letter E with Enterprise, Everywhere, Employment and Education.   It was confirmed that the Corporation Tax rate will rise as previously announced to increase from 1 April 2023 from a rate of 19% to…

HMRC have released their Self Assessment 2023 facts and figures : 12,060,872 Self Assessment tax returns were issued to tax payers 11,399,465 expected tax returns were received by 31 January (94.5% of returns expected) an estimated 600,000 customers missed the deadline 10,965,993 returns were filed online (96.2% of tax returns)   Those who have missed…

With levels of inflation and house prices currently being so high, the value of your estate may be increasing exponentially when compared with the value of the long-frozen Nil Rate Band. This could mean more than ever that a portion of your estate may be stolen away through Inheritance Tax at 40% when you pass…

HMRC have released their latest Advisory Fuel Rates to be used from 1st March 2023.   These rates should be used when you:- reimburse employees for business travel in their company cars need employees to repay the cost of fuel used for private travel   You must not use these rates in any other circumstances.…

In order to qualify for a full State Pension at retirement age you need to have paid 35 years’ worth of National Insurance Contributions.   If you are Self Employed you usually achieve this by paying Class 2 and Class 4 National Insurance when your profits are more than £11,908 a year. If your profits,…

HMRC have guidance on their website to assist landlords, that now includes a couple of useful webinars, which you can find here: https://www.gov.uk/guidance/help-and-support-for-landlords.   This is however just a general overview and, as there are many aspects of letting businesses which are not clear, we would always suggest getting advice from the outset. Failure to…

After Press speculation over the weekend, it’s official, HMRC have now confirmed that the introduction of Making Tax Digital for income tax is to be delayed for 2 years: https://questions-statements.parliament.uk/written-statements/detail/2022-12-19/hcws465 The mandate of MTD for ITSA will now be introduced from April 2026, with businesses, self-employed individuals, and landlords with income over £50,000 mandated to…

The range and location of Whitings LLP clients is vast, and the specialist staff possess and equally vast level of experience, knowledge and expertise. There is, however, one thing each of us has in common, and that is property.   It is hoped that we will provide you with a diverse selection of articles which…