Latest Private Client Tax

On 17 November the chancellor made his autumn statement and made a number of changes to the UK tax systems. Please take the time to read our summary of the changes announced and their impact via the link below.   Autumn Statement Summary   If you have any questions, or concerns, over these changes please…

Having gained a  licence to deal with non-contentious probate in 2015, Whitings LLP continue to undertake more work to assist executors. This ranges from simple probate applications and filing of relevant forms through to administration of estates, acting as executors in some cases.   The process starts with preparing and periodically reviewing a Will in…

With the Chancellor’s Autumn Statement scheduled for 17 November, a lot of Sunday papers today have pieces on what changes we might expect. With a predicted £50bn hole in the Country’s current annual finances (caused by growth downgrades and higher interest rates on debt repaymemts), any such changes are likely to be material. So what…

Maximising future entitlement to state pension may not be at the forefront of people’s minds, but following the introduction of the new State Pension in 2016, the ability to pay voluntary National Insurance contributions to ‘fill’ gaps will become far more limited from April next year.   You can usually only pay for gaps in…

If you were interested in offering your employees the Cycle to Work Scheme, there are three main methods you could use:   Salary Sacrifice Loan Pooled cycles   Method 1: Salary Sacrifice Under this method, your employee would be agreeing to sacrificing part of their salary before tax and you would provide the hire of…

HMRC will raise interest rates on tax debt from 11 October following the 0.5% increase in the base rate.   This means that the late payment interest rate will increase to 4.75% from 11 October 2022. The rate last increased to 4.25% on 23 August. This is the highest rate since the height of the financial crisis…

Less than 10 days after the government announced their ‘Growth Plan’ (otherwise known as the ‘mini-budget’), the chancellor has announced that the government will not proceed with the proposed plans to cut the 45p tax rate cut which was intended to come into effect from April 2023.   As the government seem to be acting…

The High Income Child Benefit Charge (HICBC) was introduced in 2013 but with rising inflation and wages being pushed up this may mean that you may have to pay a tax charge, known as the ‘High Income Child Benefit Charge’ (HICBC), if you have an individual income over £50,000 and either:   you or your partner…

Last month, the Financial Times released an article detailing the huge numbers of buy-to-let investors and second homeowners failing to meet the 60-day Capital Gains Tax reporting and payment deadline, which is as high as 20%.   The article can be found here: One-fifth of property sellers miss CGT payment deadline | Financial Times  …

Today’s announcements have created much more noise than the last Budget, which took place just 6 months ago to the day. Among the series of tax cuts and economic measures, here are the main points that concern individuals: The recent 1.25% rise in National Insurance is to be reversed from 6 November, with the proposed…