Latest Private Client Tax

Autumn Statement: How It Effects Private Tax Clients

Are you wondering how the Autumn Statement effects Private Tax Clients?   This year’s Autumn Statement arrived at a time when both businesses and individuals alike are well and truly feeling the squeeze. With the performance of the economy better than expected this year (according to the Office for Budget Responsibility), but expected to grow…

Company Electric Vehicle (EV) Charging At Home

HMRC has amended guidance on the tax treatment of electric charging of company cars and vans at residential properties.   Many business owners will have purchased an electric car or van, owned within a company, over the last few years, attracted by the generous business and personal tax treatments. Where this Electric Vehicle (EV) has…

HMRC increase interest rates

Until inflation is under control, HMRC have no option but to adjust their interest rates in accordance with changes decreed by the Bank of England.   There are two rates to consider, both linked to the Bank of England base rate: Late payment interest, set at base rate plus 2.5% Repayment interest, set at base…

Gifts out of surplus income exemption

The ‘gifts out of surplus income’ exemption is a powerful, yet often forgotten about, Inheritance Tax (IHT) exemption. As the name suggests lifetime gifts made from surplus income are immediately exempt from IHT, provided that certain conditions are met.   To qualify for this valuable relief, the following conditions need to be satisfied: The gifts…

Probate: We can help

We understand the loss of a loved one is a stressful and difficult time. If you find yourself in the unfortunate position of having to complete a probate application we can assist and support you through the process.   Since 2015 Whitings LLP has been licenced to deal with non-contentious probate and we are undertaking…

Autumn Statement Predictions

The Chancellor, Jeremy Hunt, has confirmed that the Autumn Statement is scheduled for 22 November 2023. This will give the Chancellor the opportunity to set out future tax plans and give some indication of whether there are likely to be any potential tax cuts before the general election, which must be held before the end…

Airbnb hand over ‘goldmine’ of hosts’ data to HMRC. Are you at risk?

Airbnb has been forced to share users’ income details with HM Revenue & Customs (HMRC) according to widespread reports in the press. It is part of a crackdown on holiday let owners who fail to declare their incomes and to help HMRC identify people who owe tax. If you have not already declared any rental…

31 July: Self-assessment payment reminder

The deadline for paying your second payment on account towards the 2022/23 tax year is 31 July 2023.   Paying your tax bill You can make weekly or monthly payments towards your bill, if you prefer. Pay your Self Assessment tax bill: Pay weekly or monthly – GOV.UK (www.gov.uk)   You can get help if you cannot…

Crypto currency does not need to be cryptic!

What exactly is cryptocurrency? Cryptocurrency (crypto) is a form of decentralised digital currency.  Although there is no central issuing and regulating authority like with traditional currencies like GBP or USD, there are still taxes on crypto in the UK. Crypto assets like Bitcoin and Ethereum have always been popular with investors and tech enthusiasts, but…

IR35 “Show” Cases: Where are we now?

Although it has been with us since 1999, IR35 tax rules will probably be unfamiliar to most readers. These anti avoidance rules were introduced to stop workers reducing their taxes by structuring their affairs to get paid via their own personal service company. Where ‘caught’ by IR35, such arrangements would then collect the same amount…