Latest Business Support

Could your Self-Assessment Tax be reduced?   For those clients that prepare self-assessment personal tax returns, 31 January is usually tax payment day. This tax will primarily be based on your personal income for the tax year ended 5 April 2023, potentially made up of 2 components:   The balancing payment for 2022/23 (total 2022/23…

Nominations for the Fenland Business Awards 2024 are open!   Whitings LLP are delighted to be the headline sponsor of the Fenland Business Awards for the second consecutive year.   Whitings have served businesses and individuals in the Fenland region since 1928 and as such have been keen to continue to support this event to…

The forthcoming Self Assessment payment date of 31st January 2024 is looming. HMRC last increased the late payment and repayment interest rates on 22nd August 2023 and this applies to the main taxes and duties that HMRC currently charges and pays interest as follows:   Late payment interest rate — 7.75%   Repayment interest rate — 4.25%…

With the 6th March Budget just around the corner, many SME business owners are beginning to wonder what’s in Mr Hunt’s red ministerial box, which got us thinking, ‘what might the SME wish-list look like in the ideal world?’   There are 2 reasons to be a little more optimistic than usual this time around:…

Autumn Statement: The Follow Up   The Chancellor used his 2023 Autumn Statement to ‘go for growth’.  He has used increased tax receipts from better-than-expected economic performance to fund a headline-grabbing 110 growth-promoting measures.  Highlights include making permanent the ‘full expensing’ capital allowance, R&D tax credit reforms and business rates support for small businesses.  …

Alongside the Autumn Statement, the government has announced the outcome of its ‘Making Tax Digital’ review for small businesses. The outcome of the review has prompted some welcome simplifications and tweaks to the regime that should make it easier for taxpayers to interact with the Making Tax Digital for Income Tax Self-Assessment (MTD ITSA) regime.…

Are you wondering how the Autumn Statement effects Private Tax Clients?   This year’s Autumn Statement arrived at a time when both businesses and individuals alike are well and truly feeling the squeeze. With the performance of the economy better than expected this year (according to the Office for Budget Responsibility), but expected to grow…

We all saw the Autumn Statement on 22 November, but the question is, what’s in it for businesses?   This years three words were unsurprisingly Reduce, Cut and Reward, so with inflation reduced, taxes have been cut and there are rewards to hard work.     National Insurance The biggest headlines relate to National Insurance…

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…

As we are a Xero Platinum member, members of the Whitings Team were invited to their office in Milton Keynes where our hosts, Jamie and Claire, could show and explain to us how we can further use Xero and it’s supporting apps to assist our clients in their business journeys.   A Bit About Xero…