Latest blogs for Services

Tax Investigation Insurance: premiums for 2015-16 policy year Premiums wef 1 April 2015: Limited companies with turnover > £10m …… £525 Limited companies with turnover < £10m …… £180 Partnerships and LLP’s ……………………………. £150 Sole traders ……………………………………………. £100 Our tax investigation insurance business is administered from our Bury St Edmunds office(Contact: Jill Holt).

Whitings aid business sale deal for jet-setting client. The corporate finance team at Whiting & Partners, specialists in advising on the acquisition and sale of SME businesses, have recently helped their client to ‘jet off’ on the next stage of his business career. The deal was led by the Suffolk-based firm. It began when a…

There are many attractive tax saving, asset protection and wealth creation features of owning commercial property within your own pension scheme. Along with other relevant professionals, including advisers from Whitings Wealth Management, we can assist in setting up and providing ongoing support services for the following types of pension scheme: SSAS’s – Small self administered…

We can assist in this process by assisting in assessing risk and then advising on introducing appropriate mitigation: Robust Financial Management Undertaking a voluntary or statutory audit as, both, a preventative and detective measure. Introducing appropriate financial controls, timely financial reporting procedures and other examples of best practice governance. Registering for the Companies House PROOF…

Requests for Payment If you supply goods, the taxpoint for accounting for VAT on these sales is the sooner of: The raising of a tax invoice, or Receipt of payment. To delay this taxpoint, it will usually, therefore, be beneficial, prior to dispatching goods, to raise a “Request for Payment”,  “Application” or “Proforma Invoice” instead…

Cloud Accounting: Xero wins beauty parade Whiting’s Start-up Group has undertaken a comprehensive review of 15 leading cloud accounting packages available for UK SME’s.  This review compared these web hosted software products under the following key criteria: Training Add-ons Paying bills direct Up-time Direct bank statement feed Back-up Cost Although Sage has the market brand awareness…

Motor Vehicle Garages and Furniture Retailers: Beware VAT Margin-Benchmarking Have you received a letter from HM Revenue and Customs headed “transparent benchmarks”?. Around 7,500 businesses engaged in the repair and maintenance of motor vehicles and in the retail sale of furniture are likely to receive these letters. The letters provide details of the anticipated relationships between…

Solicitors: Further consultation on proposed changes to Accountants’ Reports on client monies. Following a furore over plans to water down the rules for accountants’ reports on law firms’ financial accounts and safeguards for client monies, the Solicitors Regulation Authority (SRA) has launched a second consultation on accountants’ reports, which will be open until 28 January 2015.…

Alert to ALL UK trustees: Registration may now be urgently required with the IRS. FATCA – the Foreign Account Tax Compliance Act – is US legislation aimed at reducing tax evasion by US citizens. It requires financial institutions outside the US to provide certain information about US customers to the IRS. A 30% withholding Tax…

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.…