Richard Alecock (Mildenhall)

  Following last year’s report from HMRC  showing that only a quarter of couples eligible for marriage tax allowance were actually claiming, figures have reduced but still stand at just over a half of couples missing out on the £230 a year they are entitled to. Although the government have tried to simplify the application…

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  The government are offering compensation to those who have been affected by problems with the implementation of Tax-Free Childcare. Individuals who have been affected may be able to get a government top-up as a one-off payment for Tax-Free Childcare. The government will also consider refunding any reasonable costs directly caused by the service not…

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A business plan is a written document that describes your business. By committing your thoughts to paper, you can understand your business better and also map specific courses of action that need to be taken to improve your business.   It covers objectives, strategies, sales, marketing and financial forecasts.   A business plan can help…

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Following the announcement to cut tax relief for landlords from April 2017, setting up a limited company to purchase investment properties has been suggested as one way to ease the burden of tax. Whilst the legal transaction is essentially the same whether an individual or a company is purchasing the buy- to- let properties, there…

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As part of the move from Self-Assessment to Making Tax Digital (MTD), HMRC are encouraging taxpayers to set up their ‘Personal Tax Account’. Once MTD is underway, the Personal Tax Account will be populated with taxable income from various sources, including employment/pension income, bank and building society interest, and dividends from quoted companies. The account…

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Xero Cloud Accounting: We now have 36 Xero certified staff. At Whiting & Partners we believe that the greatest benefits arise from working together and so we are particularly pleased to be a Xero Certified Partner. Xero are the UK’s leading cloud accounting software provider, giving UK subscribers a real time view of their business finances.…

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Small Buy-to-let Landlords: HMRC offers simplified tax rules. HMRC’s 12-week consultation into Making Tax Digital (MTD) published 15th August focuses on one of the measures aimed at simplifying the tax rules for unincorporated property businesses, giving landlords the choice to use the simplified cash basis, currently only available to some unincorporated traders. Landlords with annual business income below £10,000 will not be required to keep their business records digitally or provide quarterly updates to HMRC, but they will still be able to use the optional cash basis. Through using the cash basis, the move towards quarterly updates required by MTD would become more straightforward, giving landlords additional flexibility.

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Itchy Feet: Is now the time to start your own business? We are here for all of your accountancy requirements, Corporation Tax, Income Tax, VAT, PAYE, as well as Capital Gains Tax and Inheritance Tax. We pride ourselves at being experienced with dealing with businesses and being available no matter how big or small the…

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Dividend Cap on CIC’s. Community Interest Companies (CIC’s) are a relatively new type of company designed for enterprises with social purpose that want to use their profits and assets for public good. There are now over 8,000 CIC’s on the public register at Companies House. However, CIC’s are subject to an asset lock to ensure…

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