Latest General Practice

In an effort to tackle potential tax loss and improve transparency, the UK government have unveiled new proposals requiring close companies (a company controlled by 5 or fewer participators) to report transactions with participators to HMRC.   Concerns over how close companies engage with their participators has resulted in HMRC publishing a consultation document, inviting…

What you need to know now 6th April 2026 has arrived Making Tax Digital for Income Tax (MTD for IT) is no longer a distant change on the horizon — it’s officially here, and the rollout begins 6 April 2026. Whether you’re a sole trader, or landlord, this shift marks one of the biggest changes…

A new financial year comes with the renewal of individuals annual tax allowances. Below is a reminder of the allowances that will be refreshed on 6th April 2026 and which of these can be carried forward if they were not utilised in 2025/26.   Income Tax Personal Allowance = £12,570 Note – Please note that…

Annual Tax on Enveloped Dwellings (ATED) is an annual tax charge payable by companies, partnerships (with at least one corporate partner) and certain collective investment schemes that own UK residential properties exceeding £500,000.   The annual chargeable period starts on 1 April each year and both a return should be submitted online to HMRC and any tax paid within one month of the start of the chargeable period to…

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 receive advice…

Tax payers who are mandated into MTD for IT are those who submitted a Self Assessment Tax Return for the year 2024/25 with total qualifying income from sole trade or property in excess of £50,000.   There are cases where these income levels may have dropped below the £50,000 threshold or ceased completely. Here are…

Small Employer Relief (SER), the rate at which small employers can reclaim any statutory payments, such as maternity pay, will rise from 8.5% to 9% from 6th April 2026. Qualified employers can reclaim 100% of statutory payments, plus a further 9% in compensation. The re-claim is made through the payroll via an Employer Payment Summary…

Private company share valuations are required in a number of circumstances and unless there is a third party sale of the entire company the value needs to be determined for the purposes of paying tax on the disposal or transfer of shares and establishing the liability.   As there is no ready market quoting the…

Now that 2025 has drawn to a close, various stats are finding their way out into the public domain. Business owners may or may not be surprised that there were more compulsory liquidations last year than at any point in since the double-dip recession of 2012.   Insolvent Liquidations 18,525 – Creditors voluntary liquidations 3,730…

Here we share frequently asked questions regarding Making Tax Digital for Income Tax.   Am I Affected by MTD for Income Tax? If you are self employed or have rental income which combined turnover (qualifying income) in excess of specific thresholds, you are affected by MTD for IT.   What are the thresholds and when…