Latest blogs for Services

Those businesses that have large capital expenditure spends each year, such as manufacturers and farmers, will be aware that there has been a very generous capital allowances tax regime in recent years, currently allowing year 1 tax relief on eligible purchases up to £1m pa. This generosity was scheduled to be reduced wef 1 January…

Business owners who have built up a valuable private investment company (holding cash, private or quoted equity and/or property), accumulated either from scratch or after the sale of a trading company subsidiary, will be all too aware that the lack of entitlement to Business Property Relief (BPR) creates a problematic inheritance tax (IHT) exposure –…

When the time comes, we can advise on the following business exit options: Succession to the next generation (as a gift or for consideration), An IPO flotation. Trade sale: MBO, Industry related, Private equity related, To the workforce, via an Employee Ownership Trust, Trade cessation, followed by company liquidation or dissolution. As well as reviewing…

When approached by the business general manager who had been given first refusal by the business owners to purchase the company, Whitings assisted him with transaction structuring, tax planning, raising finance and general deal support. The deal was structured with deferred consideration and bank debt, to be totally self funding over 3 years.  

Following from October’s announcement that the CJRS would be extended by a further month, the government has today declared a further extension through to 31st March 2021.   Full guidance for the extension will be published on 10th November, but as things stand claims to 31st January will be paid at 80% of an employee’s…

The annual investment allowance (AIA) limit is currently due to decrease from £1 million to £200,000 from 1 January 2021. Many businesses will have deferred decisions about purchasing capital equipment this year as a result of the COVID-19 pandemic, leading to a number of professional bodies urging the Chancellor to postpone this decrease. However, it…

The new Job Support Scheme (JSS) replaces the Furlough scheme from November 1st, 2020. Under JSS claims can only be made in arrears and the first claims can only be made after December 8th, 2020. This means that any employers trying to claim for weekly payrolls may have to wait 5 weeks before they receive…

The Office of Tax Simplification (OTS) has been in consultation with individuals, businesses as well as professional advisers – including accountancy bodies – to review the capital gains tax system and see whether there is any scope to simplify the current tax system. The consultation process closes on 9th November 2020.   Speculation has been…

HMRC have announced more details on the Job Retention Bonus scheme they set forth in July. The JRS allows an employer to claim a one-off payment of £1000 per employee furloughed and claimed for through the CJRS and kept employed until at least 31st January. This money is to be paid to the employer and…

After many years of perceived abuse, the Government has announced that they are soon to introduce new laws to require stricter, independent, scrutiny (by an ‘Evaluator’) where connected parties purchase a failed business out of  administration (a Pre-pack). In announcing the move, the government said that while pre-pack administration sales are widely considered to be…