Latest Whiting’s Advice

24th January 2017 Tax Loopholes for Middle England

Securing Entitlement to a State Pension ‘Credit’ without actually paying any NIC. Entrepreneurs that trade through a limited company can set how and how much they are remunerated. It is possible to avoid paying any NIC, yet still obtain a ‘credit’ for that particular tax year for future state pension purposes, by paying a salary…

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24th January 2017 Obtaining Gross CIS Payment Status

Although the amount of tax ultimately paid on profits will be the same if you obtain CIS gross payment status, improvements in cashflow and reductions in the cost of credit, such as overdraft interest, should easily make the application process worthwhile. To be eligible to gain CIS gross payment status and receive payments from contractors…

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24th January 2017 Exit Planning

We have set up a specialist corporate finance team to offer bespoke services in exit planning, including assisting with: Timing the exit: To fit in with your personal goals. To show a record (ideally, 3 years) of growing maintainable earnings and profits. Having a three-year business plan in place which includes strong revenue and profit goals,…

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24th January 2016 Tax Efficient Remuneration

Examining whether it is best to run the business as a limited company or otherwise (sole trader, partnership or LLP), If operated as a limited company: Looking at the combined business and personal tax ‘picture’ and optimising the mix of retained profits, salary, bonus and dividends (for the business owner and, where relevant, immediate family…

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24th January 2016 Limited Company v Sole Trader

As the tax calculations below illustrate, based on the UK tax rates and thresholds for 2016/17 (ie applying the new dividend taxation rules), a limited company still results in a lower overall tax/NIC charge than a sole trader (allowing for the extra accountancy fees incurred through trading as a limited company), whilst profits are above…

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24th January 2015 Protect Valuable Assets from Business Risks

We can assist in this process by assisting in assessing risk and then advising on introducing appropriate mitigation: Robust Financial Management Undertaking a voluntary or statutory audit as, both, a preventative and detective measure. Introducing appropriate financial controls, timely financial reporting procedures and other examples of best practice governance. Registering for the Companies House PROOF…

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24th January 2015 Delay Payment of VAT to HMRC

Requests for Payment If you supply goods, the taxpoint for accounting for VAT on these sales is the sooner of: The raising of a tax invoice, or Receipt of payment. To delay this taxpoint, it will usually, therefore, be beneficial, prior to dispatching goods, to raise a “Request for Payment”,  “Application” or “Proforma Invoice” instead…

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24th January 2012 Company Pre Year End Planning

Reviewing business financial performance just before the year end, then taking actions to influence how the year end results will look, should be a key element of the annual financial management routine. Although tax mitigation is usually the key aim of most company directors performing this task, they should not overlook the impression the accounts…

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24th January 2012 Top 10 Tax Elections to Minimise Tax

Examples of the most helpful and generous tax elections and claims include: s222(5a) TCGA 1992 (Nomination of main residence) This capital gains tax election, often referred to as ‘flipping’, enables taxpayers, who own and reside in more than one home, to inform HMRC which of these homes is their principal private residence. For those who…

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27th May 2020 Tax Free Benefits in Kind

Certain payments made by businesses on behalf of employees are tax free and can be used in flexible remuneration situations: Employer pension scheme contributions (up to £40,000 per employee per annum, plus potential ‘catch-up’ from previous 3 years. This assumes your personal income is not above £100k, you are not already drawing benefits from a…

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