Latest Private Client Tax

We are seeing more and more cases of individuals missing out on claiming higher rate tax relief on their employee pension contributions especially where they are not in self-assessment and required to file tax returns.   Where employers have enrolled their staff to make employees pension contributions via a ‘relief at source’ scheme, the contributions…

What is your pension saving statement? Your pension savings statement details your ‘pension input’ or ‘growth’ across all your NHS schemes during the 2021/22 tax year, as well as the previous three tax years. Your pension input amount is simply the growth in the capital value, above inflation, of your NHS pension benefits. Why do…

Time is running out for taxpayers to settle any second payment-on-account for the 2021/22 tax year. The payment is due by 31 July, where one is payable. The amount payable is the second payment-on-account for the 2021/22 tax year and is automatically calculated as half of the total tax liability for the previous tax year,…

We work hard to improve our lot and most of us hope that our loved ones will reap some benefit from our endeavours. But assuming that we don’t manage to spend all the fruits of our labours, the taxman is lurking. And he will take a sizeable chunk if we don’t plan sensibly.   The…

Similar to share dealings, you must declare any gains or losses from cryptocurrency investments on your personal tax return. It is important to keep records of dates, currency type, amounts bought or sold, and the value. There are several software options that can assist you with this; the best will include converting the currency to…

If you are yet to submit your tax return for the 2020/21 tax year, you will have been charged with a £100 late filing penalty. If you do not submit your return this side of 1st May, HMRC will charge an additional penalty of £10 per day that the return is late, up to a…

The Trust registration service went live in 2017 and required any express trust with UK liabilities to register whether they were UK or non-UK resident. An express trust is simply a trust deliberately created by a settlor by transferring property to a trustee. Who should register? Recent money laundering directives have extended the definition of…

Summary of tax rates, allowances, etc, for the new tax year, as announced by Chancellor of the Exchequer Rishi Sunak MP, plus a brief commentary from our tax group: Whitings LLP tax card 2022

During the first lockdown HMRC paused most debt collection activities, which has contributed to the total UK tax debt of £39bn according to The Public Accounts Committee. HMRC have stated, “We are recouping debt safely, taking into account customers’ circumstances and making repayments affordable. It’s in no-one’s interests to push viable businesses into insolvency when…

How the budget affects individuals… Following the Chancellor’s spring statement this afternoon, it appears that the planned 1.25% increase in national insurance will continue to go ahead in April, in order to raise funds for health and social care. However, as part of the government’s Tax Plan, the Chancellor is attempting to take the sting out…