Latest Specialism Blogs
Catherine Hubbard
26th April 2017 Has MTD been delayed further..?

All the clauses relating to Making Tax Digital (MTD) have been dropped from the Finance Bill, so many people have been asking if this means MTD will no longer go ahead?  We think that this is highly unlikely. The Finance Bill has been reduced from 762 pages to an expected 140 pages in order that…

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Paul Tatum
25th April 2017 Charity accounts do not meet the required standard

A significant number of charity accounts fail to explain how the charity is meeting its objectives, while many do not meet basic standards for users, particularly in the very smallest charities, according to research from the Charity Commission.   Of a recent sample, 54% of charities did not meet the public benefit reporting requirement. Some…

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Keith Day
24th April 2017 Brexit: Time for European businesses who export to the UK to start a UK subsidiary?

Last year the UK imported £350 billion of goods and services from businesses in fellow EU member states. Although a lot of talk in the run-up to Brexit is currently about what UK business should do to protect their interests post-Brexit, these European businesses should, similarly, be hedging their exposure to the expected changes. Germany,…

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Neil Groom
21st April 2017 Probate fee increases scrapped – for now…

The government’s proposed increase to probate fees – from the current £215 to a potential maximum of £20,000 – have been scrapped, as there will not be sufficient time for the regulations to pass through parliament before the snap general election. These changes were highly controversial due to the size of the increase – the…

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Mark Haydon
18th April 2017 McMorran Accountancy merger

We are pleased to announce that McMorran Accountancy has recently successfully completed negotiations with Whiting & Partners, Chartered Accountants and Business Advisers to merge their business activities and will now continue to practice as Whiting & Partners Ltd (incorporating McMorran Accountancy). Following his retirement, Richard McMorran has decided that it is in the interests of…

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Amanda Newman
10th April 2017 Making Tax Digital – Ely Seminar

Is your turnover more than £85k and you are a sole trader, partnership or landlord? If so you will need to comply with making tax digital from April 2018. Now is the time to start using software to ensure you are used to a new programme ahead of filing live returns to HMRC. Our Ely…

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Whiting’s Advice...
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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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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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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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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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

Reviewing business financial performance just before the year end, then taking actions to influence how the year end results will look, should be a key element of the annual financial management routine. Although tax mitigation is usually the key aim of most company directors performing this task, they should not overlook the impression the accounts…

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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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Tax Free Benefits in Kind

Certain benefits in kind 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 of…

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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. 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…

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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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