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20th November 2017 Latest Update – Auto Enrolment Changes

View our latest information bulletin regarding Auto Enrolment including details on Contribution Phasing, What to pay and information on complying with the Pensions Regulator. Download Latest Auto Enrolment Leaflet For further information and guidance you can contact your usual Whiting and Partners representative or speak to our payroll department on 01353 662595 or by email…

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17th November 2017 VAT registration threshold reduction ahead?

Last week the Office for Tax Simplification delivered a report on VAT to the government, which among other things, covered the potential impact of reducing the VAT registration threshold. The report recommended that the Chancellor should “examine the current approach to the level and design of the VAT registration threshold, with a view to setting…

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14th November 2017 New to business? Beware of payments on account!

  When setting up in business you will be fully aware that you will have tax to pay on your profits, and you will ideally be putting money aside to cover this. What you might not be aware of is that you may have to pay two years’ worth of tax in just six months.…

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10th November 2017 Changes to Large Company Research & Development relief

  The Research and Development Expenditure Credit (RDEC) has now replaced the large company R&D scheme. This credit is mandatory for accounting periods ended 31 March 2017, and we are now seeing the implications of claiming the new relief. The credit applies to large companies, and SME’s who claim under the large company scheme, for…

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10th November 2017 Reminder for all companies ahead of MTD

  The MTD machine is moving along and the starting date of April 2019 draws ever closer and closer.  We have been working with our clients to ensure that those VAT registered (in particular) with a turnover over the VAT threshold are implementing any changes required sooner rather than later so that any teething problems can…

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1st November 2017 HMRC no longer accepting credit card payments – January 2018

  HMRC have advised that from 13 January 2018, they will no longer be accepting payments from personal credit cards. HMRC have accepted credit card payments from individuals, but from 13 January 2018, this method of payment will no longer be available. A change in EU law, prohibits merchants (including HMRC) from recharging credit card…

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1st November 2017 Consequences of overdrawn Director’s Loan Accounts

  Most people who form a limited company understand that it is a separate legal entity, many however, especially those who previously traded in an unincorporated form, do not fully appreciate what this means in respect of taking money out of the company. In a sole trader situation the proprietor is free to withdraw money…

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30th October 2017 Changes for Farmers in VAT flat rate scheme

  The decision has recently been published in a European Court of Justice case, Shields and Sons Partnership v the Commissioners for HM Revenue & Customs. The case revolved around the authority of HMRC to remove the partnership from the VAT flat rate scheme for farmers. It is reported that the partnership had benefited over…

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27th October 2017 Active Farmers Accountant Certificates: Recent announcement

  We have recently become aware of an announcement in October 2017 by the Rural Payments Agency regarding Active Farmers Accountant Certificates. This concerns farmers who are in receipt of payments from the Basic Payment Scheme (BPS) 2017 and follows a European Union audit requiring the Rural Payments Agency to check the active farmer status…

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27th October 2017 Lancaster Way Business Park, Ely: Business is booming !

  Ely’s largest business park, Lancaster Way, continues to grow from strength to strength. Offering a mix of rental properties and sites for freehold commercial development, more and more start-ups and established businesses are now being attracted to this location. The benefits are obvious:   Based in the vibrant Cambridge ‘shadow’, Situated just outside Ely,…

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