Latest blogs for Specialisms

The NIC regulations have been updated to provide clarity for employers whose employees work abroad. The amendment made confirms that several categories of expenses are not liable to Class 1A NIC, specifically:

1. travel between employments where duties performed abroad
2. travel costs and expenses where duties performed abroad: earner’s travel
3. travel costs and expenses where duties performed abroad: visiting spouse’s/civil partner’s or child’s travel
4. foreign accommodation and subsistence costs and expenses for overseas employments

The Government today announced plans to review SSP, to encourage supportive discussions and phased returns to work. The proposed plans included in this green paper include:

• Encouraging employers to work with their employees with long-term health conditions, to stop them from falling out of work,
• A review of Statutory Sick Pay and doctors fit notes, to support workers getting back to work faster, and for longer,
• Work Capability Assessment reform, via the launch of a consultation,
• A debate about recognising the value of work as a health outcome.

The “Axe the Tenant Tax” Group is a crowd-funded coalition of individuals and organisations supported by Cherie Blair and representing over 150,000 landlords. The group are campaigning for a judicial review hearing of the legislation in the summer 2015 Finance Act that seeks to restrict tax relief for finance costs borne by residential landlords. In some cases, the workings of the legislation will result in landlords having to pay more tax than their rental profit.

Pensions Automatic Enrolment: + 3 years = re-enrolment. Although some clients are still only just staging for pensions auto-enrolment, with many still to stage, auto-enrolment has been in place for larger employers since October 2012. This means that most employers are due, or have already had to go, through re-enrolment. Re-enrolment is something that all…

Ely Business Awards 2016: Whitings judge and present top award. Congratulations go to Soopa Doopa Branding Limited, well deserved overall winners of the 2016 Ely Business of the year awards. Full list of finalists and winners Photos from the awards ceremony in Ely Cathedral The firm judges, sponsors and presents the top (winner of winners)…

Making Tax Digital: 6 tax returns required each year! HMRC’s 6 Making Tax Digital consultation documents have been open for review and comment for several weeks now. As time has passed, it has become ever more apparent that there are enormous changes ahead for all taxpayers affected; initially the self-employed and landlords. Further review of the documents…

Minimising the tax paid on profits is a key aim of most SME businesses. The tax benefits of trading through a limited company, as compared to operating as a sole trader or partnership, soon becomes attractive as profits grow.

MBO: Self-funding £1m deal allows owners to retire. We have successfully advised the business owners of an engineering firm on its £1m buy out by the existing management team. Our team were initially approached by the business owners for exit planning advice. The owners had successfully built up an engineering business over 20 years and…

BREXIT: Initially a silver lining for farmers? Since the BREXIT vote the value of Sterling has weakened, such that the average exchange rate for the Basic Payment Scheme has been set at €1 : £0.85228. For those farm enterprises electing to receive this in Sterling, this is some 16% better than last year. Given the…

Tenant Farmers: Is the rent for your land too high? Low commodity prices blighting British agriculture may offer some respite to Agricultural Holdings Act tenants. Rather than landlords pressing for higher rents there may be opportunities for tenants to seek downward rent reviews. Professional advice should be considered. For those locked into farm business tenancies,…