Latest Private Client Tax

We share our pre-Budget tax planning ideas, as the first Labour Budget is now only 5 weeks away (30th October). There is currently a lot of speculation of adverse tax changes that the business community and private tax clients should expect. Unfortunately, we have no inside knowledge of what Rachel Reeves will say. However, as…

Has the Inheritance Tax Trap caught you out?   Inheritance Tax (IHT) receipts continue to rise. There may be some who have unnecessarily overpaid due to life insurance not being in a Trust. According to NFU Mutual, 6,810 estates that paid IHT in 2021/22 included life insurance policies which could be exempt from the charge…

We’re considering taxes under the new Government. Now that Labour have won the recent election, it is time to look at what this could mean for you and your taxes. Labour have committed to one major fiscal event a year in the hope that this will give businesses and individuals plenty of time to properly…

The personal tax second payment on account deadline is approaching (31st July 2024).   Payments on account are advanced payments towards your tax bill for the tax year just ended, and each payment on account is calculated as half of your previous year’s Income Tax and Class 2/4 National Insurance liability. For the payment due…

With the upcoming General Election we are thinking about tax planning for SMEs.   The 4th July election day will be with us before we know it and many SME business owners are starting to think about whether they should undertake any protective actions. Especially if they think a change in government is looking likely.…

It’s the question which many start ups ask themselves, ‘Should I be a Sole Trader or a Limited Company?’   It’s something that we here at Whitings are more than happy to advise on and help you with. So whether this is your first business venture or you’ve had businesses before, it’s always helpful to…

Inheritance Tax (IHT) has traditionally been a domicile-based tax; however, the recent Spring Budget proposed a new ‘modernised residence-based regime’, which seems set to make significant changes to IHT from 6 April 2025.   The concept of Domicile The term domicile traces its roots to the Latin word “Domus”, meaning “Home”. As a concept, domicile…

Now that the 5th April 2024 has passed, many self-assessment taxpayers will be turning their attention to preparing and submitting their self-assessment personal tax returns for the 2023/24 tax year, which covers the tax year ended 5th April 2024, but what are the reasons for choosing to submit your tax return early?   Although the filing…

Is it the end of the non-UK domiciled tax regime?   In the Spring Budget, the Chancellor proposed to replace the taxation of non-UK domiciled (non-doms) regime with a modernised ‘UK residence-based’ regime that is simpler, fairer and more competitive, with effect from 6 April 2025.   The current tax regime The current tax regime…

The HMRC “Nudge Unit”, previously called the Behavioural Insights Team, was a department within the Cabinet Office that was tasked with improving government services and saving money by employing a blend of behavioural economics and psychology.  An example of this in practice is the so-called “nudge” letters (referred to by HMRC as ‘one-to-many’ letters) HMRC…