Latest Wealth Management

With Making Tax Digital for Income Tax (MTD for IT) on the horizon, much of the focus has been on who will need to comply. But just as important is understanding who is exempt — whether permanently or temporarily.   Here’s a practical summary of the exemptions currently available.   When Does MTD for IT…

Welcome to Whitings’ Guide to Making Tax Digital for Income Tax (MTD for IT) for Sole Traders and Landlords.   From 6 April 2026 for Sole traders and Landlords whose annual gross income is over £50,000 you will be mandated to file information digitally to HMRC quarterly. It’s one of the biggest changes to sole…

As the festive season is well and truly upon us, please find below our 2024 Christmas & New Year Office Hours:   Bury St. Edmunds Closed from: 5.30pm 20th December 2024. Re-opens at: 9.00am 2nd January 2025.   Mildenhall Closed from: 5.30pm 24th December 2024. Re-opens at: 9.00am 2nd January 2025.   Ely Closed from:…

As we head into the festive period, we would like to share our Christmas closing and New Year re-opening times with you all for each of our offices:   Bury St. Edmunds Closed from 5.30pm on Friday 23rd December 2022 Re-opens at 9am on Tuesday 3rd January 2023.   Mildenhall Closed from 5.30pm on Friday…

A new penalty regime came into effect for VAT periods starting on or after 1 January 2023. The changes will impact the charges for missing VAT filing and payment deadlines and will be replacing the current VAT default surcharge system. These changes place continued importance on being up to date with your VAT returns, aware…

The next stages of the MTD roll-out, which will affect self-employed traders and landlords with annual income over £10k, is scheduled for 6 April 2024.   Below is Whitings MTD Group’s sixth issue edition of our Making Tax Digital newsletter and what could be the most revolutionary stage of Making Tax Digital – MTD for…

Businesses may be hoping they can hold their annual Christmas parties this month. Providing the event is annual, open to all employees and the total cost, including VAT, is less than £150 per person (including non employee guest attendees), this will be a non-taxable benefit in kind (ie free of PAYE tax and National Insurance…

When COVID directly impacted upon the UK in Spring 2020, the Government introduced a range of measures specifically targeted to help SME businesses survive the expected period of financial strain. Such businesses should now be planning ahead for when this support is gradually withdrawn: 21-Jun-21 Deadline for arranging with HMRC when to repay COVID related…

As 1-Jan-21 draws ever nearer what changes should your SME business prepare to adopt ready for Brexit: Exporting Goods to the EU  Despatches are renamed exports. Apply for an EORI number (which will look something like: GB123456789123). Check whether what you sell is a restricted good that requires an export licence. Check whether there are…

The UK agricultural sector is standing at a pivotal moment. With rising pressures around sustainability, productivity, and the race to reach net zero by 2050, innovation is no longer optional — it’s essential. That’s why the Defra Farming Innovation Investor Partnership, delivered through Innovate UK, represents such a significant opportunity for forward‑thinking agri‑businesses.   This…

Tax Turbulence Highlights Complexity of the Statutory Residence Test   A recent ‘tax residence’ case has once again demonstrated how complex the UK’s Statutory Residence Test (SRT) can be for internationally mobile taxpayers, when determining an individual’s ‘tax residence’ status for a UK tax year.   The dispute centred on whether certain days spent in…

Whitings staff, clients and professional contacts met recently at the lovely Ravenwood Hall in Rougham for our 2026 Annual Farming Seminar, where Richard King of Andersons, The Farm Business Consultants presented us with their Prospects for UK Agriculture.     We were blessed on the day with some lovely weather, which I initially thought was…

Many companies choose to align their holiday year with the start of a tax year, so now seems as good a time as any to refresh memories of the rules concerning the practice of paying employees for untaken holiday.   Under the Working Time Regulations Act 1998, holiday should be taken for rest and must…

Looking out for you during an HMRC Investigation HMRC police the tax system by investigating the accuracy of tax returns, VAT returns, payroll, etc via targeted, or random, tax enquiries.   With £7.5 billion of extra tax revenue, per year, targeted by 2030 HMRC will be ramping up their compliance checks to close the gap.…

ATED Returns (In-Year) Filing Requirements Now that the 30 April 2026 Annual Tax on Enveloped Dwellings (ATED) filing deadline has passed, it is important to remember that additional returns may need to be submitted to HMRC during the ATED chargeable period, which runs from 1 April 2026 to 31 March 2027.   The most common events…

The start of a new tax year normally brings a few changes and there are numerous changes to the Statutory sick pay (SSP) rules.   The rate of SSP is changing to £123.25 or 80% of the employee’s average weekly earnings (AWE) whichever is lower.   HMRC are changing the Employment rights Act 2025 regarding…

Not exactly launched with any blazing publicity but, as part of the 2026 Employment Rights Act, from April 6, 2026, employers have a new legal duty to maintain records proving they have given their employees their full holiday entitlement.   The records must show the basic four weeks holiday as well as the additional 1.6…

For charities and their Trustees, keeping pace with changing reporting requirements is essential for maintaining transparency and public trust. With major changes to charity financial thresholds for England & Wales expected to come into force from 1 October 2026, now is the ideal time for Trustees to prepare.   One of the most impactful changes…

Since the introduction of the Companies House identity verification requirements on 18th November 2025, a number of challenges have emerged, making it difficult for individuals to complete the verification process and meet the required deadlines.   We’ve identified that most issues stem from Companies House either retaining an incorrect date of birth on file or…