Latest General Practice

Amazon has recently announced changes in the VAT treatment of fees that will significantly impact UK sellers.   What Used To Happen? Previously, UK VAT-registered sellers only paid VAT on UK advertising fees which were billed from London. All other fees were billed from Luxembourg and generally fell under the Reverse Charge Mechanism.   What…

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…

Protecting your organisation from cyber threats is more critical than ever in today’s digital age.   One of the most effective ways to protect your organisation from cyber threats is through comprehensive end-user training. Decisive IT  is Whitings LLP’s IT consulting and support subsidiary and we offer an end-user cybersecurity training service. This provides a…

We’re considering taxes under the new Government. Now that Labour have won the recent election, it is time to look at what this could mean for you and your taxes. Labour have committed to one major fiscal event a year in the hope that this will give businesses and individuals plenty of time to properly…

What has the 2024 SME growth been like and has normal service resumed?   As we pass the end of Q2, many SME businesses will be assessing what sort of year they’re having. As can be seen from the chart below of actual client turnover figures, growth in 2024 year ends is averaging at 4.5%.…

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.…

Members of our team are now back from an exciting couple of days at Xerocon London 2024. We can’t wait to hear all about what they’ve learnt about whilst they were there, including upcoming product launches!   Stephen Malkin, Ben Burtenshaw, Dan Walker, Peter Brown & Emily Haines attended Xerocon. They found that the main…

Last night saw the gala awards presentation evening for the 2024 SME Ely Business Awards.   Local businesses were eligible to enter 16 categories, to celebrate excellence and success within the Ely business community. Whitings have been headline sponsors of the event since 2017 and the leadership team from our Ely office dressed for the…

Why do businesses get de-banked?   MP’s on the Treasury Committee have recently looked at an issue that has been creeping up on some SME’s recently and causing real problems – where your bank shuts your account without your instruction and without warning.   The committee have discovered that this has occurred 130,000 times over…