Introduction As we enter the 2025/26 tax year, keeping track of important HMRC deadlines is essential for both individuals and businesses. Missing these key dates can result in penalties, interest charges, and unnecessary stress. At Whitesides Chartered Accountants, we’ve compiled this comprehensive guide to help you stay organised and compliant throughout the tax year. April […]
In recent years, cryptocurrency has evolved from a niche investment to a mainstream financial asset. As digital currencies like Bitcoin, Ethereum, and countless others become increasingly popular, HMRC has developed clearer guidelines on how these assets should be taxed. If you’ve dabbled in crypto, understanding your tax obligations is essential to avoid penalties and ensure […]
Introduction Your tax code may look like a random assortment of numbers and letters, but it significantly impacts how much tax you pay each month. At Whitesides Chartered Accountants, we regularly help clients discover they’ve been assigned incorrect tax codes. This straightforward guide explains how to check your tax code, understand what it means, and […]
Introduction The current tax year end is rapidly approaching and now is a crucial time to review your financial situation and ensure you’re taking advantage of all available tax allowances and reliefs. At Whitesides Chartered Accountants, we’ve compiled our top tax-saving tips to help you make the most of the remaining weeks before the 5 […]
VAT Registration: a small business guide, everything you need to know about registering for VAT. All About VAT Value Added Tax, or VAT as it is more commonly known, is a sales tax charged on the same of most goods and services in the UK. When you make a business sale, you don’t charge your […]
Payment on account is the means by which individuals completing a self-assessment tax return pay their tax. The Payment On Account system does not apply to all individuals, you will only need to make payments if less than 80% of your income has been taxed at source and your liability is more than £1,000. Tax […]
Whilst the majority of office staff spent the last six months working at kitchen tables, dining rooms and bedrooms there has been a boom in the garden office market for those intending to make the switch to home working more permanently. The recent announcement by the government that office workers are likely to be at […]
Estimating how much you need to save for your end of year tax bill can be tough, especially if your business has quite a few expenses. If your freelance business provides a service like tutoring or marketing, you may have limited expenses and you will take home a large part of what you turnover. However, […]
In 2016 the regulations for trivial benefits changed. Before the change employers could provide tea and coffee and perhaps a small seasonal gift to their employees without having to disclose the cost on a P11D or within a PAYE settlement agreement. Under the new rules there is more flexibility and provide you stick to the […]
National Insurance is pretty complicated with all the different classes so below is a brief summary of the current NIC regime. All the rates mentioned below are for the 2020/21 tax year. What is National Insurance? NIC is a tax on earned income, it is divided into different classes. Class 1 is paid on employment […]
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