Latest blogs for Services

5th December 2017 Tax implications for employee gifting

Some employers like to give their employees a small gift at this time of year. A tax exemption applies giving employers reassurance that the benefits provided are exempt and won’t result in a reportable employee benefit. To ensure the benefit is exempt, the following conditions must be met:- The cost of the benefit does not…

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5th December 2017 Charity Accounts: New Independent Examination Rules

  For many years now, many mid-sized UK charities have been required to subject their annual statutory accounts to independent examination. For such charities, with income within the range of £25,000 to £1m and gross assets of less than £3.26m, an independent examination is a lighter touch of independent scrutiny than a full audit. As…

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26th November 2017 Buy to Let – minimising income tax

In recent years the tax system has been used increasingly to try to influence behaviour in the buy to let property market – the increases in Stamp Duty Land Tax, the restriction of tax relief for mortgage interest and the higher rate of capital gains tax for residential property sales are all examples of government…

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24th November 2017 Autumn Budget – Property taxes

SDLT for First time buyers – The government has introduced a new relief from SDLT for first-time buyers (in England, Wales and Northern Ireland) for all transactions with an effective date on or after 22 November 2017. The relief works as follows: £300,000 or less: no SDLT payable £300,001 and £500,000: no SDLT on the…

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24th November 2017 IR35: Private Sector consultation announced

As we predicted in past blogs, the Chancellor announced a consultation into IR35 private sector contractors in the Autumn Budget. Since April 2017, contractors in the public sector are no longer responsible for evaluating their IR35 status; the end client is required to carry out an IR35 assessment instead. The Treasury believe this has increased…

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24th November 2017 Autumn Budget 2017

What’s in it for Tech Companies? Philip Hammond’s second Budget had to steer a precarious path. Within the parameters of slowing UK growth, preparing for Brexit and a lack of spare money, he had to somehow end public sector austerity and continue reducing the deficit. Whilst trying to restore his own political reputation. Not an…

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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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