IFA teams up with White Oak

The Institute of Financial Accountants (IFA) has announced a new partnership to provide capital support for SMEs. It has partnered with White Oak, one of the largest FCA regulated non-bank lenders in the UK.

The innovative agreement will enable IFA members – SME accountants – to support their clients with access to nontraditional routes of funding through White Oak’s diverse portfolio of lending products.

These will support all aspects of SMEs’ finance needs in excess of £25,000, providing VAT, tax and working capital loans, asset and invoice finance, as well as assetbased lending.

IFA’s CEO, John Edwards, said: “SMEs often struggle to secure lending via banks, so it’s important to have access to the right expertise they need through an alternative, recognised lender. Accounting practitioners who support SMEs are great advisers to businesses and need to be able to direct to alternative options, where their clients seek or require funding.”

CPD is changing for ICAEW members

From 1 November 2023, all ICAEW members will be required to carry out a minimum number of hours of CPD a year, some of which will need to be verifiable.

Members affected by the regulations will be required to identify which CPD category is most applicable to them, based

PM releases tax details

The UK PM Rishi Sunak has published his earning and taxes paid for the last three years. His personal tax return from Evelyn Partners LLP shows he earned £4,766,962 and paid just over £1m in UK tax (£1,053,060).

By far the biggest chunk of money paid to UK coffers was Capital Gains Tax on his US-based investment fund. Taking all his income into account Sunak paid an effective tax rate of just 22%. There was something to pay in the US too, as it charges non-residents for tax due on dividends.

Critics have argued that the taxes on wealth on the type of work they do. Most people, whether in practice or not, will fall into CPD category 3, as this is the default. The nature of the member’s role may, however, move them into a higher CPD category.

Each CPD category has a corresponding minimum number and work should be standardised. In 2016, CGT was in fact reduced from 28% to 20%, by the Conservative government. of hours of CPD that must be undertaken. Category 3 members working in practice will have to undertake a minimum of 20 hours CPD, of which 10 are verifiable. Category 3 members working outside practice will also have to undertake 10 hours, but only five of these are verifiable.

Lineker

wins £4.9m

tax battle with HMRC

Football pundit Gary Lineker has won his £4.9m tax battle with HMRC – for now.

The tax authority said Lineker should have been classed as an employee of the BBC and BT Sport rather than a freelancer, between 2013 and 2018. Lineker argued all taxes were paid via his partnership Gary Lineker Media (GLM), which was set up with his ex-wife Danielle Bux in 2012.

The judge ruled Lineker was self-employed for tax purposes, but this might not be the end of the matter as HMRC is considering an appeal. An HMRC spokesperson said: “The tribunal has confirmed the off-payroll rules apply to partnerships, as we have always said.”

HMRC to dip into digital wallets for unpaid tax

The UK government is considering granting HMRC new powers to recover unpaid tax directly from digital wallets.

The proposal is one of a number of measures that are being considered as part of plans to modernise tax debt collection from non-paying businesses.