Latest blogs for Services

Insure against the risk of a ‘challenge’ from HMRC. Recent figures published by H M Revenue & Customs confirm that the government’s drive to close the “tax gap” yielded a record £23.9 billion of additional tax in 2013/14, an increase of £3.2 billion on the previous year and £9 billion more than three years ago.…

Don’t Risk Poor Controls. Risk taking is an innate quality of entrepreneurs. However, those with prowess have the art of maximising beneficial opportunities and avoiding detrimental risks, thus limiting the potential for loss. With this in mind it is the responsibility of management to undertake regular risk management reviews and establish effective internal controls. Areas…

2016 British Small Business Awards: Nominations invited. This years Awards are taking place in London on 20th October and the nomination deadline is 27th May. There are 3 categories: Sole Trader of the year, Micro Business of the Year (2-9 people), Small Business of the Year (10-50 people). For further details visit:  http://www.smallbusiness.co.uk/news/opportunities/2516776/nominations-now-open-for-the-british-small-business-awards.thtml and for…

Xero’s Automatic Bank Reconciliation is a Real Benefit. We have just transferred to Xero a client in the construction sector. The system has proved particularly useful because most of his receipts and payments are made electronically and Xero enable these to be automatically downloaded from the bank. This is a real time saver. As his…

Academies:  2013 Audit Outcomes. There were 2,248 sets of audited accounts submitted to the EFA for the year ended 31st August 2013. Of these 25 (1.1%) had a qualified audit opinion and 73 (3.2%) had a qualified regularity opinion. Of the 25 qualified audit opinions, 21 of these resulted from failure to disclose trustees’ salaries.…

IT Business Sold via an MBO. The corporate finance team at Whitings, specialists in acquiring and selling SME businesses, has recently supported their IT software client to move forward with new ownership. Andrew Winearls, on behalf of the corporate finance department at the Suffolk based firm, was enlisted by the minority shareholders at the firm,…

Data Source: Whitings’ SME Growth Index The Whitings’ SME Growth Index is a barometer to measure and bench-mark how successful our clients are in being able to grow their businesses. It is constructed as follows: Year on year turnover (excluding Covid grants and other exceptional income sources) is continually measured over the review period. Results are assigned…

Whitings Preferred Cloud Accounting Package Xero Wins Award. Cloud accounting software company Xero are to be congratulated on their success in having their product named Client Software Product of the Year in the British Accountancy Awards 2013. We have a number of clients who have obtained this software through us and are enjoying the benefits…

Health Professionals Targeted in New HMRC Campaign. People in the health and wellbeing professions who have taxable income that they have not told HM Revenue and Customs (HMRC) about are being targeted in a new campaign. The Health and Wellbeing Tax Plan offers health professionals a time-limited opportunity to bring their tax affairs up to…

UK Tops World League Table of Business Tax Competitiveness. In Accountant KPMG’s 7th annual survey of where in the world is it best for a business to be based, the UK has scored highly, beating its usual rivals. When businesses were asked to name their top 3 most attractive countries from a tax perspective, the answers ranked: 65% –…