Latest Blogs

2nd January 2015 Software Review

Cloud Accounting: Xero wins beauty parade Whiting’s Start-up Group has undertaken a comprehensive review of 15 leading cloud accounting packages available for UK SME’s.  This review compared these web hosted software products under the following key criteria: Training Add-ons Paying bills direct Up-time Direct bank statement feed Back-up Cost Although Sage has the market brand awareness…

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22nd December 2014 VAT Bench-Marking

Motor Vehicle Garages and Furniture Retailers: Beware VAT Margin-Benchmarking Have you received a letter from HM Revenue and Customs headed “transparent benchmarks”?. Around 7,500 businesses engaged in the repair and maintenance of motor vehicles and in the retail sale of furniture are likely to receive these letters. The letters provide details of the anticipated relationships between…

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26th November 2014 Solicitor Audits

Solicitors: Further consultation on proposed changes to Accountants’ Reports on client monies. Following a furore over plans to water down the rules for accountants’ reports on law firms’ financial accounts and safeguards for client monies, the Solicitors Regulation Authority (SRA) has launched a second consultation on accountants’ reports, which will be open until 28 January 2015.…

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3rd November 2014 Gift Aid

New Charity Commission Guidance: Charities, trading subsidiaries and gift aid. The Charity Commission has withdrawn guidance from its website in connection with Gift Aid beyond distributable profits from charity trading arms to the parent charity. Some charities own subsidiary trading companies through which they carry out trading activities for a profit. The subsidiary may donate…

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9th October 2014 Trusts & FACTA

Alert to ALL UK trustees: Registration may now be urgently required with the IRS. FATCA – the Foreign Account Tax Compliance Act – is US legislation aimed at reducing tax evasion by US citizens. It requires financial institutions outside the US to provide certain information about US customers to the IRS. A 30% withholding Tax…

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24th September 2014 CIS Compliance

Proposals to Reduce the CIS Tax Compliance Burden on Construction Sector. The Chartered Institute of Taxation (CIOT) has published its response to HMRC’s proposals to introduce mandatory online CIS filing for contractors, amend the gross payment status turnover and compliance tests and improve the sub-contractor verification process. It welcomes the proposals aimed at reducing the…

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9th August 2014 Crowdfunding Certification

PRESS RELEASE:  Whitings Accredited as Member of Association of Crowdfunding Experts. Full press release: Click Here Blog entry by: Chris Kelly

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16th July 2014 Charity Accounting Disclosures

New Charities SORP Published The new Charities SORP was published today and will apply to the accounts of charities for financial years commencing on or after 1 January 2015. There are two versions, one based on Financial Reporting Standard FRS 102 (new UK GAAP which replaces all earlier financial reporting standards) and a second for…

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30th June 2014 Worker Tax Status

Employer or Self-Employed? – that is the question As an employer, legislation makes it your responsibility to correctly determine the employment status of your workers – that is, whether they’re employed by you or self-employed. This depends on the terms and conditions of your working relationship with each worker. It’s important to get your workers’…

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17th June 2014 Tax Risk Management

Insure against the risk of a ‘challenge’ from HMRC. Recent figures published by H M Revenue & Customs confirm that the government’s drive to close the “tax gap” yielded a record £23.9 billion of additional tax in 2013/14, an increase of £3.2 billion on the previous year and £9 billion more than three years ago.…

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