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.
Subpostmasters’ compensation
There are currently three forms of compensation being awarded to subpostmasters following the Horizon scandal and each will have different tax implications.
Capital allowances for partnerships
HMRC has clarified the rules relating to capital allowances claims in mixed partnerships, confirming that all partners subject to corporation tax are eligible for enhanced capital allowances.
Mandatory payrolling of benefits
The reporting and paying of income tax and Class 1A national insurance contributions on benefits in kind is to be made mandatory via payroll software from April 2026.
Warning as HMRC cracks down on R&D tax relief
Businesses are being warned that HMRC is cracking down on potentially fraudulent claims for research and development (R&D) tax relief.
The Oxford Weekender 2024
We are thrilled to announce that we are once again sponsoring Property Management Legal Services’ Oxford Weekender, which will be held from 22nd to 24th March 2024 at the beautiful St Hugh’s College, Oxford.
CGT higher rate on dwellings reduced
The higher rate of capital gains tax (CGT) for residential property disposals will be cut from 28% to 24% from 6 April 2024.
Multiple dwellings relief for SDLT scrapped
The Chancellor announced in the Budget that Multiple dwellings relief (MDR) will be abolished for transactions which complete, or which substantially perform, on or after 1 June 2024.
High income child benefit charge threshold increased
The threshold for earnings above which you have to pay back some or all of your child benefit will be increased from 6 April 2024.
Two new products for UK savers
Two new savings products have been announced, aimed at supporting growth of UK companies and encouraging a culture of saving.
Non-dom reforms
The remittance basis tax relief offered to non-UK domiciled individuals (non-doms) will be removed and replaced with a simpler residence-based regime from 6 April 2025.
Furnished holiday lets relief to be scrapped
Owners of furnished holiday lets will lose their entitlement to favourable income tax, capital gains tax and capital allowances as the FHL scheme is abolished.
VAT registration threshold raised
Effective from 1 April 2024, the taxable turnover above which a business is required to register and account for VAT will be increased from £85,000 to £90,000.
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