Firm news
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Firm news, tax planning and finance blogs by our team
We know how important it is for you to be able to find up to date business information, and our people love to share their knowledge about the news, and accounting and tax legislation. Here you will find links to our latest press releases, as well as tax planning and finance blog posts – all written by the Whitley Stimpson team, so you can read our take on topical subjects, and use our advice to help you to run your business. We have also shared the odd blog post or two about what we get up to in our communities, because we are proud to be a part of the areas where we live and work, and to support them where we can.
Join in the conversation, we would love to hear from you.
The Rural England Prosperity Fund (REPF) – A Guide
Rural England Prosperity Fund – financial support to help to boost prosperity in the countryside. Read the guide by Whitley Stimpson.
Top property experts honour Whitley Stimpson team
Directors and staff at accountancy specialist firm Whitley Stimpson are celebrating after being highly commended at the Ace Awards 2023.
Excess mileage payments
Petrol and diesel pump prices are high but the tax-free mileage rates payable to employees who use their own vehicles for business have not been adjusted for over a decade.
Student loans, property and pensions
Student loan repayments (SLR) are normally deducted under PAYE from employment income so many people incorrectly assume that SLR are not due on other ‘unearned income’ such as rent or pensions.
What state pension will you receive?
The amount of your state pension is largely determined by how many years of NIC you have completed during your working life.
VAT on land and buildings
When purchasing commercial premises you need to know whether VAT will be added to the price as the stamp duty land tax charge (or similar taxes in Wales or Scotland) is calculated on the VAT inclusive value.
VAT on work in pharmacies
From 1 May 2023 medical services can be VAT exempt if they are performed by a person who is not a registered health professional but who is directly supervised by a pharmacist.
Getting ready to retire
The changes to the pension rules announced in the Spring Budget were designed to dissuade higher earners from retiring early to avoid pension charges on high contributions but the new rules could have the opposite effect.
Avoid payroll problems with duplicated employees
A persistent bug in the PAYE system is caused by the HMRC computer creating a duplicate employment record which it then uses to demand PAYE for wages which have not been paid.
Sales till manipulation
Traders who have used electronic sales suppression (ESS) software are in serious trouble as HMRC view this as tax fraud which is a criminal offence.
Settle the tax with a PSA
You may reward your employees with something special such as a holiday or a hamper. If the value exceeds the tax-free amount permitted under the rules for say long service awards, trivial benefits or staff suggestions it will be taxable.
‘Loophole’ helps prevent families falling into inheritance tax trap
With more and more people becoming liable for inheritance tax (IHT), experts at Whitley Stimpson are urging families to consider using a little used loophole to reduce its impact.
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