Latest blogs for Specialisms

Last night saw the gala awards presentation evening for the 2024 SME Ely Business Awards.   Local businesses were eligible to enter 16 categories, to celebrate excellence and success within the Ely business community. Whitings have been headline sponsors of the event since 2017 and the leadership team from our Ely office dressed for the…

Why do businesses get de-banked?   MP’s on the Treasury Committee have recently looked at an issue that has been creeping up on some SME’s recently and causing real problems – where your bank shuts your account without your instruction and without warning.   The committee have discovered that this has occurred 130,000 times over…

Issue 5 of our Property Matters Newsletter is one which has been influenced by the March Spring Budget, during which there was an announcement in relation to the treatment of Furnished Holiday Lettings, and my colleague Harriet Sim has provided her views on the changes that are to be made. Daniel Walker also covers what…

More water management funding for farmers has been introduced. Last month the government announced The Farming Recovery Fund to support farmers affected by winter and spring flooding. The fund offers grants of between £500 and £25,000 for farmers who have suffered uninsurable damage as a result.   On the 22nd April further funding was announced…

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…

What could the changes to Audit exemption limits mean for you?   The government has recently announced changes to company law that will see company size thresholds increased by 50%. This is hoped to reduce complexity and additional burden for companies. These changes are intended to be in place for year ends commencing on or…

Beware of VAT refund fraud!   We have become aware of several recent cases where taxpayers’ bank account details have been amended on the HMRC portal, without their knowledge, so that VAT repayments have been fraudulently diverted to a third party.   It seems that HMRC have been acting on the basis of a fraudulent…

UK company size thresholds are set to increase, but what does this change for you?   In his recent economic speech on 18th March 2024, Rishi Sunak unveiled significant changes aimed at simplifying reporting requirements for businesses. Among these measures, he announced an increase in the thresholds used to determine company size.   Understanding Company…

The National Minimum Wage increase from April 2024 will be welcomed by many employees. The rise will take place from 1 April for the next pay reference period post increase.   Perhaps the biggest change of all is the abolition of the 21–22-year-old band. Employees reaching the age of 21 will now enjoy a pay…

Annual Tax on Enveloped Dwellings (ATED) is an annual tax charge payable by companies, partnerships (with at least one corporate partner) and certain collective investment schemes that own UK Residential properties exceeding £500,000.   The annual chargeable period starts on 1 April each year and both a return should be submitted online to HMRC and…