Latest blogs for Specialisms

EIS:  Growth Shares and Preference. Abingdon Health Ltd v HMRC TC05525 This was an interesting case, and a warning for the unwary. The issue at stake was whether HMRC’s withdrawal of EIS relief as a result of a preference created by a new class of growth share was reasonable. The taxpayer company sought EIS relief in respect…

Whitings’ Newsletter: Nov-16 The general practice team at Whitings have produced their latest newsletter, to keep clients updated on relevant recent changes to tax and related legislation: November 2016

Construction Projects: Use of cloud accounting helps with BIM. Are you part of a construction project team? There is increasing publicity being given to the integration of Building Information Modelling (BIM) into construction projects. Since 4 April 2016, any firm wanting to be considered for public sector construction work has to be BIM level 2…

Farm Accounts: Reached the Cloud? As technology has advanced in Agriculture and more bespoke equipment is being used day in day out, is it time for farmers to reach for the cloud? Can farm accounts software meet this challenge…..Yes they can! Over the past few months we have been working closely with Quickbooks Online to…

Farm Diversification: Proceed with caution ! As farmers innovate and squeeze more income streams from their land, care should be exercised to avoid potential capital taxers and VAT traps:

• Article in British Farmer & Grower Magazine

Farming: Summer Update Whitings’ Farming Group looks at BREXIT, Energy Barns, New farm income streams, Entrepreneurs relief, Averaging, Permitted developments, Probate and FRS102.

The options for cloud accounting available to farmers are increasing. Already QuickBooks Online have developed a nominal ledger format and reporting routines for their cloud-based system which facilitate the compilation of gross margin accounts and harvest year results.

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.