Latest Whiting’s Advice
Latest Whiting’s Advice
Our Christmas opening hours
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…
VAT Direct Debits – Cancelled?
Having received a copy of a letter a client has received from HMRC today, it states that due to inactivity on your VAT account your direct debit instruction has expired. If you wish to pay by Direct Debit in the future you will have to complete another Direct Debit instruction, either online or by post.…
Trainee induction day: A warm welcome to all
Ensuring that our newly hired Trainees feel welcome and part of the team from day one is incredibly important to us here at Whitings LLP. On the 7th September 2022 we had the opportunity to welcome our 13 new starters at our first ever induction morning at our office based in Ely. It wasn’t…
Continually Minimise IR35 Risk
We can assist in this process, by reviewing your current contractual terms and working practices, to assess and minimise IR35 tax risk. HMRC provide an online tool to assess your employment status: Employment Status Tool The following badges of trade are some of the factors HM Revenue & Customs would use in assessing whether income…
Paper banknotes: Spend them before it’s too late
After 30 September 2022, £20 and £50 paper banknotes will no longer be legal tender meaning most businesses and shops will no longer accept them. It has been just over one year since the newly issued polymer £50 note featuring Alan Turing were bought into circulation. The new polymer notes are more secure…
31-Jan-23 tax: Can it be reduced?
For those clients that prepare self-assessment personal tax returns, 31 January is usually tax payment day. This tax will primarily be based on your personal income for the tax year ended 5 April 2022, potentially made up of 2 components: The balancing payment for 2021/22 (total 2021/22 tax less 31-Jan-22 and 31-Jul-22 payments on account).…
31-Jan-2023 tax: Can it be reduced?
For those clients that prepare self-assessment personal tax returns, 31 January is usually tax payment day. This tax will primarily be based on your personal income for the tax year ended 5 April 2022, potentially made up of 2 components: The balancing payment for 2021/22 (total 2021/22 tax less 31-Jan-22 and 31-Jul-22 payments on account).…
27th Oct: Budget Day
HM Treasury has announced that Chancellor Rishi Sunak will deliver the Autumn 2021 Budget on Wednesday 27 October. On 7 September the Chancellor launched Spending Review 2021, which will conclude on 27 October and will be presented alongside the Autumn Budget. The Spending Review will outline government departments’ resource and capital budgets from 2022/23…
Tax Loopholes for Middle England
Securing Entitlement to a State Pension ‘Credit’ without actually paying any NIC. Entrepreneurs that trade through a limited company can set how and how much they are remunerated. It is possible to avoid paying any NIC, yet still obtain a ‘credit’ for that particular tax year for future state pension purposes, by paying a salary…
Obtaining Gross CIS Payment Status
Although the amount of tax ultimately paid on profits will be the same if you obtain CIS gross payment status, improvements in cashflow and reductions in the cost of credit, such as overdraft interest, should easily make the application process worthwhile. To be eligible to gain CIS gross payment status and receive payments from contractors…