Latest Specialism Blogs
Ian Piper
6th February 2017 Book-keeping

How do I keep my business records? Have you just started in business? Are you at the stage of wondering what bookkeeping records you should keep? The law states: “That if you have to send H M Revenue and Customs a tax return you must keep all records and documents you need to complete the…

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Mark Haydon
8th November 2016 Update: Nov-16

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

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Chris Kelly
7th November 2016 Exit Planning

Plant Hire Business: Sale successfully agreed. This plant hire business owner had unexpectedly taken over as managing director of this long established company five years ago, following her husband’s death. Since then she had reorganised the business and improved profitability, but had decided it was now time to retire. Whitings marketed the company for sale…

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Paul Tatum
7th November 2016 Academy Returns

Academy reporting – Accounts Return The Education Funding Agency (EFA) has now published the 2012/13 Academy Accounts Return with a revised submission date of 31 January 2014. Audited financial statements still require submission to the EFA by 31 December 2013. The accounts return is used to support a number of Treasury and departmental requirements, including…

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James Cater
4th November 2016 Building Information Modelling

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…

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Ben Kilby
4th November 2016 Farm Accounting

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…

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Whiting’s Advice...
Tax Free Benefits in Kind

Certain benefits in kind, however, still remain entirely tax free, and can be used in flexible remuneration and/or salary sacrifice situations: Pension scheme contributions (up to £40,000 per employee per annum, plus potential ‘catch-up’ from previous 3 years). Childcare vouchers or employer supported childcare (up to £55 per week, depending upon personal tax status), Use…

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Pre 5th April Personal Tax Planning

Income Tax Married couples – consider transferring assets between spouses, to ensure income is taxed at the lowest marginal rate, Let properties – if you let property in need of re-decoration, repair, etc, consider bringing forward expenditure to accelerate tax relief, Family businesses – consider employment of spouse or increasing the employed spouse’s earnings, to…

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Continually Minimise IR35 Risk

We can assist in this process, by reviewing your current contractual terms and working practices, to assess “IR35 tax risk” and then suggest improvements. The following badges of trade are some of the factors HM Revenue & Customs would use in assessing whether income from a particular contract is subject to the IR35 tax rules: Badges…

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Tax Efficient Remuneration

Examining whether it is best to run the business as a limited company or otherwise (sole trader, partnership or LLP), If operated as a limited company: Looking at the combined business and personal tax ‘picture’ and optimising the mix of retained profits, salary, bonus and dividends (for the business owner and, where relevant, immediate family…

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Protect Valuable Assets from Business Risks

We can assist in this process by assisting in assessing risk and then advising on introducing appropriate mitigation: Robust Financial Management Undertaking a voluntary or statutory audit as, both, a preventative and detective measure. Introducing appropriate financial controls, timely financial reporting procedures and other examples of best practice governance. Registering for the Companies House PROOF…

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Delay Payment of VAT to HMRC

Requests for Payment If you supply goods, the taxpoint for accounting for VAT on these sales is the sooner of: The raising of a tax invoice, or Receipt of payment. To delay this taxpoint, it will usually, therefore, be beneficial, prior to dispatching goods, to raise a “Request for Payment”,  “Application” or “Proforma Invoice” instead…

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Company Pre Year End Planning

Although tax mitigation is usually the key aim of most company directors performing this task, they should not overlook the impression the accounts will give to other recipients: Shareholders, Bankers, Competitors, Credit Rating Agencies, Future Customers or Suppliers, Current Customers/clients (finances looking  too rosy or too weak ???) Business Partners, Employees, Agencies (such as preferred…

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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…

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Limited Company v Sole Trader

As the tax calculations below illustrate, based on the UK tax rates and thresholds for 2016/17 (ie applying the new dividend taxation rules), a limited company still results in a lower overall tax/NIC charge than a sole trader (allowing for the extra accountancy fees incurred through trading as a limited company), whilst profits are above…

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Top 10 Tax Elections to Minimise Tax

Examples of the most helpful and generous tax elections and claims include: s222(5a) TCGA 1992 (Nomination of main residence) This capital gains tax election, often referred to as ‘flipping’, enables taxpayers, who own and reside in more than one home, to inform HMRC which of these homes is their principal private residence. For those who…

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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…

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Exit Planning

We have set up a specialist corporate finance team to offer bespoke services in exit planning, including assisting with: Timing the exit: To fit in with your personal goals. To show a record (ideally, 3 years) of growing maintainable earnings and profits. Having a three-year business plan in place which includes strong revenue and profit goals,…

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Exit Planning

Plant Hire Business: Sale successfully agreed. This plant hire business owner had unexpectedly taken over as managing director of this long established company five years ago, following her husband’s death. Since then she had reorganised the business and improved profitability, but had decided it was now time to retire. Whitings marketed the company for sale…

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Assisting Clients
1Create and protect wealth
2Start or purchase their own business
3Minimise tax leakage
4With HMRC & Companies House submissions
5Outsource the accounts processes
6Improve cashflow
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