Latest Private Client Tax

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…

Making Tax Digital for Income Tax will soon be upon us.   Over the past few years’ rents have been increasing and will continue to increase as inflation remains high. Many landlords will now be affected or will be coming close to the qualifying limits. With April 2026 fast approaching for those with qualifying income…

If you are married or in a civil partnership, you may be entitled to a tax refund of up to £1,256.   It has been reported that over 2 million qualifying couples miss out on the Marriage Allowance, despite it being really easy to apply. If the claim is made outside of the Self Assessment…

Peace of mind for your family: Wills, Lasting Power of Attorneys and Inheritance Tax Planning.   Benjamin Franklin is famously quoted as saying that “nothing is certain except death and taxes”. It’s a sombre thought, but it is important to have the correct planning in place to ensure that your estate passes in accordance with…

Let’s look at the 2024 Spring Budget for individuals. With the next general election on the horizon, Jeremy Hunt had no choice but to deliver an impactful Budget. Here is a summary of the main changes affecting individuals:   Class 1 National Insurance A fresh cut to primary Class 1 National Insurance contributions for employees from…

With the tax year end approaching, we are busy assisting our clients with end of year planning. Pension contributions before 6 April 2024 are a valuable planning tool for all taxpayers, whether they are self-employed, Company directors or employees. Additionally we also have opportunity to support our clients when it comes to occupational schemes which,…