Latest blogs for Specialisms

28th June 2018 Understanding Tax Relief Restrictions

Although we hear of decline in the value of development land, particularly for larger developments, growing houses continues to be more attractive to many than growing crops. Onerous Section 102 levies may apply but the tax regime remains gentle. It should not however be assumed that tax reliefs will be available automatically. Legislation imposes qualifying…

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28th June 2018 Career Change? Think Contracting.

There are many benefits over employment, writes Whiting & Partners Contract Specialist, Vanessa Pearson   Changing careers can be a challenge but leaving the employment wage treadmill to become a contractor can increase your earnings, saving on tax and national insurance as well as providing more flexible working hours. Contractors are essentially self-employed individuals who…

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27th June 2018 Charity annual returns – changes ahead

Later this year The Charity Commission will introduce a tailored annual return which will include some new questions which may require preparation in advance. Overseas expenditure As these new questions will likely require additional preparation, they will be optional for 2018 but become mandatory for 2019 onwards: When spending money outside England and Wales, did…

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18th June 2018 Public Sector contractor wins IR35 case

HMRC have lost a second IR35 case this year, and their second case against the same contractor, putting into doubt their own understanding of the IR35 rules. Ian Wells, director of personal service company Jensal Software Limited provided his services to the Department of Work and Pensions via a recruitment agency during 2012 and 2013.…

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18th June 2018 EIS Money: Beware how you spend it!

Tech companies that are financed through EIS equity cash will be aware that this ‘tax wrapper’ can be super-generous, but that many criteria have to be met to ensure eligibility. One of these long standing criteria has been that the company must use the proceeds (up to £5m pa) raised: In either a qualifying trade…

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4th June 2018 Property Allowance

The property allowance is a tax exemption of up to £1,000 a year for individuals with income from land or property. The property allowance applies to relevant property income which includes: Both UK and overseas property businesses. Both commercial and residential letting (but not rent-a-room businesses – see below).Where property income exceeds £1,000, the legislation…

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1st June 2018 Fraud

Fraud is a gigantic area which I would never be able to discuss fully in one blog however, after a recent run-in with a fake HMRC line; I did want to make you aware of a few key things to look out for or to be aware of when dealing with possible fraud. It’s important…

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30th May 2018 CITB Levy form requirement

It is the time of year when contractors are being issued with their CITB Levy forms, with a completion deadline of 30 June 2018. For those starting in the construction industry the registration process is easily not realised. For the purpose of the construction industry an employer includes those with subcontractors, and therefore the annual…

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23rd May 2018 EMI Share Options: EU waives opportunity to ‘be difficult’.

Tech companies that have a business plan of developing a new product, with the aim of an eventual trade sale or IPO exit, will be very familiar with EMI share options. These options give generous personal tax breaks, to help recruit, retain and reward middle management and key workers. Under generic EU principles, such tax…

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1st May 2018 CITB Levy: Changes in calculation basis

Builders will probably now be aware that the basis for calculating how much their annual payment is under the Construction Industry Training Board (CITB) has recently changed:     Old Basis New Basis Levy on employees 0.5% 0.5% Levy on labour only sub-contractors 1.25% 0% Levy on payments to sub-contractors with Net CIS status 0%…

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