Latest Blogs

8th March 2021 Budget 2021: Super Capital Allowances

In what was seen my many as a Budget lacking in ideas to kick start the economy back into life, Rishi Sunak’s announcement of a notional 30% uplift to eligible capital allowances headlined as the proverbial ‘rabbit out of the hat’. The tweaked allowances will give businesses purchasing brand new plant and machinery more tax…

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4th March 2021 Budget 2021

  Following Chancellor Rishi Sunak’s delivery of the Budget yesterday, we have a brief summary and details of how it may affect you. Please click the link below:   Whiting & Partners Budget 2021

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28th February 2021 1-Mar-21: Are you ready for new VAT Domestic Reverse Charge rules for construction services?

VAT registered businesses working within the construction sector should be aware that new domestic reverse charge VAT administration rules are being introduced wef 1 March 2021 (delayed from original October 2019 launch date). The Government announced in the 2018 Budget that they are trying to reduce missing trader fraud; where builders collect VAT from their…

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25th February 2021 HMRC Advisory Fuel Rates

HMRC have issued the new advisory fuel rates (AFR) which come into effect from 1st March 2021.   They have increased by 1p per mile for petrol and diesel vehicles with engines of 1400-2000cc reflecting a small increase in fuel prices over the last quarter.   The advisory electricity rate for fully electric cars remains…

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19th February 2021 VAT deferral new payment scheme – join from 23 February

If you deferred paying VAT due in the period from 20‌‌ March to 30‌‌ June‌‌ 2020, you should pay it by 31‌‌ ‌March‌‌ ‌2021 if you can.   If you can’t afford to pay by 31‌‌ March‌‌ 2021, you can join the VAT deferral new payment scheme and pay your deferred VAT over a longer period.   The online service…

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19th February 2021 Deadline looms for CBILS & BBL schemes

We are now just over a month away from the 31st March 2021 deadline for applications for the Bounce Back Loan (BBL) and Coronavirus Business Interruption Loan Scheme (CBILS).   The schemes were introduced to provide businesses with much needed working capital during the global pandemic, businesses benefited from no capital repayments being required for…

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19th February 2021 News: HMRC announce no penalty charge for late Self Assessment

Today HMRC have announced that they will not be charging Self Assessment tax payers a 5% late payment penalty if they pay their tax, or set up a payment plan by 1 April 2021.   This year, because of the impact of the COVID-19 pandemic, HMRC is giving taxpayers more time to pay or set…

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18th February 2021 IR35 – HMRC announce ‘light touch’ approach to penalties

The new private sector off-payroll rules are due to start from 6 April 2021 and HMRC have published their latest guidance – here.   The changes move the responsibility for determining a contractor’s IR35 status from the worker’s personal service company to the end client engaging them, where the end client is a medium/large business.…

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11th February 2021 VAT payments deferred due to Coronavirus

If, due to Coronavirus, your business deferred VAT payments due between 20 March and 30 June 2020 and you still have payments to make, you can: pay the deferred VAT in full, on or before 31 March 2021, join the VAT deferral new payment scheme – the online service is open between 23 February and…

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20th January 2021 Charity funds – which can I use during Covid?

During this unforeseen prolonged period of economic downturn charities may need to re-assess their short to long term aims. Certain planned activities may need to be delayed or even cancelled while more crucial expenditure takes priority. Charities may find it necessary to make use of their reserves to cope, or even just survive, this on-going…

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