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.
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.
Are you saving enough for your retirement?
We all know the importance of saving for retirement, but do you know whether you’re saving enough?
Why Farm Partnerships are vital for Farm Businesses
Farming partnership agreements. Having clear documentation that defines the conditions of the partnership is vital to protect all parties.
Principle Private Residence and the Potential Pitfalls of your Garden
Principle Private Residence (PPR) which sets out the circumstances under Capital Gains Tax is or isn’t levied when selling off all or part of your estate.
Government consults over future of agricultural property relief
The Government has launched a consultation into the current rules around agricultural property relief from inheritance tax.
Incorporated farm business? Don’t be caught out by ATED
The Annual Tax on Enveloped Dwellings (ATED) which was introduced in 2013, states that all companies owning residential property worth more than £500,000 in the UK will face an extra tax burden.
Top tips for a stress-free year end
With the end of the tax year growing closer, time is running out for farmers and farm managers to make sure their farm accounts are in order before submitting them to their accountant.
Whitley Stimpson Accountant awarded joint sixth place at the ICAEW Annual Orders of Merit 2022
Robert Lay, Trainee Accountant at Whitley Stimpson has been awarded joint sixth place at the ICAEW CFAB / ACA Certificate Level Annual Order of Merit 2022.
Pension savings lifetime cap removed
The pensions lifetime allowance effectively caps the amount that can accumulate in a person’s pension fund and be extracted with favourable tax treatment.
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