Many taxpayers who are required to file a self-assessment tax return to HM Revenue & Customs should now be preparing for their next tax payment which is due by 31 July. The amount payable is the second payment-on-account for the 2020/21 tax year and is automatically calculated as half of the total tax liability for…
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Within the last 10 years the cryptocurrency scene has exploded from the first decentralised cryptocurrency, Bitcoin, being created back in 2009 to now more than 4,000 different cryptocurrencies being in existence with a total market cap value of over £1trillion. This has led to the creation of the Cryptoassets Taskforce which was announced back…
It is widely known in the healthcare industry that NHS England announced last year they would make good any annual allowance excess charge arising for staff in 2019/20 only. This came off the back of the announcement that the thresholds for tapering to the annual allowance would be increased from 2020/21, with no intention to…
A number of our clients are experiencing long delays in receiving tax refunds from HMRC. HMRC attribute these to the need for them to perform security checks in order to combat fraudulent claims. In some cases, HMRC need more information in order to verify genuine claims. They may issue a verification letter, either…
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
As our world becomes ever more digitalised, HMRC have gained access to a vast range of sources of information, which can make any undeclared income or gains easily identifiable. Tax enquiries can be daunting and we can provide assistance and support throughout such a task, ensuring not only that the position is resolved properly,…
It seems that HMRC have heard about our disappointment with Christmas parties being cancelled this year… The Employment Income Manual EIM21690 has been updated to incorporate the news that virtual events can be included when considering the £150 per person benefit in kind exemption for annual functions. The event should be an annual…
Business owners who have built up a valuable private investment company (holding cash, private or quoted equity and/or property), accumulated either from scratch or after the sale of a trading company subsidiary, will be all too aware that the lack of entitlement to Business Property Relief (BPR) creates a problematic inheritance tax (IHT) exposure. So…
As part of his Winter Economy Plan on 24 September 2020, the Chancellor announced enhanced time to pay arrangements for Self Assessment (SA) taxpayers who are unable to pay their tax due by 31 January 2021. The amount due can be paid in monthly instalments over a period of up to 12 months. These enhanced…
The Budget in March 2020 was largely dominated by the coronavirus pandemic. However, there were some other significant changes that, at the time, may not have drawn as much media attention as they would normally. Entrepreneurs’ Relief or should I say, ‘Business Assets Disposals Relief’ (BADR), being one of the more significant changes.…
