Latest blogs for Services

From April 2024 cash basis became the default reporting for all sole traders. So for those now looking to complete their 2024/25 tax returns this will now apply.   What does this mean? Previously there was a limit on the turnover of a business for them to qualify for the cash basis, from April 2025…

The 2024 Autumn Budget made several announcements in relation to Capital Gains Tax (CGT) all of which were re-affirmed in the 2025 Spring Statement. Most of these are due to commence from 6th April 2025 and here is a reminder of the changes.   Business Asset Disposal Relief: Business Asset Disposal Relief, previously known under…

Yesterday’s 2025 Spring Statement by the Chancellor of the Exchequer, Rachel Reeves, was much anticipated (or feared) by businesses and private clients alike. However, the  news from this is that there were no significant new tax announcements.   Click here to view the Whitings 2025 Spring Statement Summary.   Everything new for 25/26 and future…

From April 2026 the next stage of Making Tax Digital (MTD) roll-out, MTD for income tax self-assessment (ITSA), begins.   What will this mean for you: If your income from sole trader profits and rental income is over £50k then you will need to start completing quarterly returns to HMRC through software, as well as…

Employer Allowances The employer allowance is feted to rise to £10,500 in the new tax year. In addition to this, the cut-off point for eligibility (£100,000 previously) of the allowance is being scrapped. This means that all companies who are not classed as a public sector business, or are part of a group of companies,…

Whilst there are no changes to the rules surrounding statutory pay the annual rate of pay for statutory maternity pay, adoption, paternity pay etc. will increase from £184.03 to £187.18. At the same time statutory sick play will increase from £116.75 to £118.75 per week.   In order to qualify for statutory pay employees must…

Plan 1 Current interest rates will remain as Bank Base Rate + 1%. Threshold to increase to £26,065.   Plan 2 Interest charge is RPI increasing on a sliding scale to RPI + 3% depending on income and whether the student has finished their course. Through to August 2025 RPI calculated as 4.3%. Threshold will…

From April 2026 it will be compulsory to payroll all benefits barring employment related loans and accommodation (loans and accommodation will be voluntary). With that in mind, just what would be the advantages of getting in early and payrolling your benefits from April 2025?   Apart from scrapping the need to produce P11D’s a year…

Celebrating (sic) its 20th anniversary, HMRC have just set out the Government’s vision for the future of the UK tax authority: https://www.gov.uk/government/speeches/exchequer-secretary-to-the-treasury-20-years-of-hmrc-reflections-and-looking-ahead   This keynote speech by James Murray, the Exchequer Secretary to the Treasury, has given us advance warning of what specific modernisation and reform changes to the tax system that we might now…

HM Revenue and Customs (HMRC) have issued a warning to UK resident tax payers with over £3,500 in savings interest that they could face unexpected tax bills to 5th April.   HMRC are aware of interest received on savings accounts excluding ISA’s which are tax free and as such know who have exceeded their personal…