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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.
Home buyers to pay less stamp duty
The Chancellor has announced that the entry threshold for SDLT payable on residential properties would double to £250,000 for deals completed on or after 23 September 2022.
IR35: contractors delighted by changes
The Chancellor has said that he will abolish the hugely complicated off-payroll working rules from 6 April 2023.
NIC cut in November
The Government has decided to reverse the 1.25 percentage point increases in national insurance contribution (NIC) rates which were introduced from 6 April 2022.
Income tax cuts next year
In last week’s Budget the Chancellor stunned his audience by announcing that both the basic rate of tax and the highest ‘additional’ rate would be reduced from 6 April 2023.
Put family first for tax efficient succession planning
Businesses take years to build up with the owners spending the best part of their lives ensuring they are successful. But what happens when it is time to retire? An obvious solution is to pass on the company to family, but care should be taken to avoid a considerable tax bill.
Why you should get a head start on your self-assessment now
We believe that getting ahead of your taxes is a perfect way to reduce avoidable stress. Here’s why you should get a head start on your self-assessment now.
VAT portal to close
All VAT registered businesses are now required to file VAT returns using MTD-compatible software and keep VAT records in a digital format. This applies from the start of the first VAT period for newly registered businesses.
Reporting UK property gains
In 2020 HMRC introduced a new system for paying capital gains tax (CGT) due from selling residential property in the UK, but many solicitors and estate agents are still unaware of the new requirements.
Paying your income tax bill
Many self-employed people will find January 2023 a tough month as it is predicted that domestic fuel bills will increase again and income tax payments will be due.
Loans to employees
Many employers will advance modest loans to employees to meet upfront costs which they necessarily incur to enable them to work. The loan needs to be properly documented with clear repayment terms but there is no obligation on the employer to charge interest on the outstanding capital.
Beware of early RTI returns
Employers must send their PAYE reports to HMRC on or before the day they pay their employees.
Paying PAYE
As an employer you can pay PAYE to HMRC using a direct debit (DD) but each DD authority only applies for a single payment, so the effort is hardly worth it.
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