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B W Whiffin & Co

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B W Whiffin & Co

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In addition to traditional accounting and tax services we also provide advice on how to improve and develop your business.

As well as general accountancy and tax skills, our staff also have specialist skills which enables us to provide clients with a premium service as and when required. Whether you need an integrated business strategy, access to corporate finance or specialist tax advice we are here to help you achieve your goals. Over the years, we have developed an excellent reputation for a prompt, reliable and professional service giving you that peace of mind that all of your financial requirements are in good hands. We pride ourselves on client relations and we are always available to take a phone call. We are always happy to see clients whether it be for a meeting, bringing in records or just a word of advice.

16/10/2026

💷 When did you last check your State Pension forecast?

Millions of UK adults could be heading towards retirement without knowing how much State Pension they may actually receive.

Your State Pension forecast can tell you:
✔ When you can claim your State Pension
✔ How much you could receive
✔ Whether you may be able to increase your entitlement
✔ Whether there are gaps in your National Insurance record

If you do have gaps, voluntary National Insurance contributions may sometimes help – but paying extra doesn't automatically mean you'll receive a higher State Pension. It's important to check your position first.

You can view your forecast for free through the HMRC app or GOV.UK.

Whether retirement is approaching or still many years away, checking your forecast now can help you understand where you stand and identify any issues sooner rather than later.

📞 01376 570171
📩 [email protected]
🌐 www.whiffin.co.uk

14/10/2026

🌍 UK carbon border tax starts January 2027

From 1 January 2027, businesses importing certain carbon-intensive goods into the UK will need to consider the new Carbon Border Adjustment Mechanism (CBAM).

The new tax will apply to specified goods within sectors including:
✔ Aluminium
✔ Cement
✔ Fertiliser
✔ Hydrogen
✔ Iron and steel

Not every product in these sectors will be affected, so businesses will need to check the relevant commodity codes.

Importers will also need to monitor whether they meet the £50,000 registration threshold, with tests based on both expected imports and the value of relevant imports over the preceding period.

The first CBAM accounting period will cover 1 January to 31 December 2027, with the first return and payment due by 31 May 2028.

If your business imports potentially affected goods, now is the time to understand the requirements and make sure the necessary records and systems are in place.

📞 01376 570171
📩 [email protected]
🌐 www.whiffin.co.uk

12/10/2026

🌍 Benefit payrolling rules clarified for overseas employees

From April 2027, the way many benefits in kind are reported to HMRC is changing, with mandatory payrolling being introduced in phases.

The first phase will cover benefits including:
✔ Company cars and vans
✔ Fuel
✔ Medical benefits

HMRC has now confirmed that employers will be able to exclude globally mobile employees from mandatory payrolling from 6 April 2027. Where this option is used, existing year-end reporting arrangements, including P11D and P11D(b) forms, will continue to apply.

A new online service is expected to launch in November 2026 for employers wishing to make this choice.

If you employ people who work across different countries, now is a good time to review your payroll arrangements and prepare for the changes ahead.

Need help understanding what the new rules could mean for your payroll? Speak to B W Whiffin & Co.

📞 01376 570171
📩 [email protected]
🌐 www.whiffin.co.uk

09/10/2026

📈 Waiting for interest rates to fall before investing?

The Bank of England kept Bank Rate at 3.75% in September, with three members of the Monetary Policy Committee voting for an increase to 4%.

For businesses, the important question isn't necessarily when will rates fall? It's whether your plans still work if they don't.

When considering borrowing or investment, it can be useful to stress-test the numbers against different scenarios:

✔ What if rates remain around current levels?
✔ What if borrowing becomes more expensive?
✔ What if rates eventually fall?

Existing borrowing deserves attention too, particularly fixed-rate finance approaching renewal and variable-rate facilities where changing costs can affect cash flow.

Rather than building plans around the hope of cheaper borrowing, realistic forecasts can help you understand what your business can comfortably afford under different conditions.

Need help with cash flow forecasts, business planning or assessing a potential investment? Speak to B W Whiffin & Co.

📞 01376 570171
📩 [email protected]
🌐 www.whiffin.co.uk

07/10/2026

🔐 Is your business ready for a cyber incident?

It's easy to think cyberattacks only happen to large organisations, but smaller businesses can be particularly vulnerable – and the disruption can be significant.

Ask yourself: what would happen tomorrow if you suddenly couldn't access your emails, accounting software or customer records?

A few practical steps can make your business much more resilient:
✔ Back up important data – and regularly test that it can actually be restored
✔ Use multi-factor authentication on email, banking and accounting systems
✔ Train staff to recognise suspicious emails and payment requests
✔ Independently verify changes to supplier bank details
✔ Keep key IT, insurance and adviser contact details somewhere accessible offline

Cyber security isn't only about preventing an attack. It's also about having a plan to keep the business running and recover quickly if something does go wrong.

Taking a little time to prepare now could prevent a cyber incident from becoming a much bigger financial problem.

📞 01376 570171
📩 [email protected]
🌐 www.whiffin.co.uk

05/10/2026

🧾 New Self Assessment registration service launched

Need to complete a tax return for the first time? HMRC has launched an improved online registration service designed to make the process quicker and easier.

If you need to file a 2025–26 Self Assessment tax return for the first time, you should notify HMRC by 5 October 2026.

You may need to register if you're:
✔ Newly self-employed with gross trading income above £1,000
✔ A new partner in a business partnership
✔ Receiving certain untaxed income

The updated service includes pre-populated information, the ability to save your progress and online support during registration. Your Unique Taxpayer Reference (UTR) should also appear in your online account within 72 hours once registration is complete.

Remember, the deadline for submitting your 2025–26 online tax return and paying any tax due is 31 January 2027.

Not sure whether you need to complete a Self Assessment return? B W Whiffin & Co can help you understand your obligations and take care of the process.

📞 01376 570171
📩 [email protected]
🌐 www.whiffin.co.uk

02/10/2026

⚠️ HMRC targets persistent tax debts

HMRC is considering new powers that could allow it to recover certain unpaid tax debts directly from bank or building society accounts.

Under the proposals, deductions could be used for persistent debts of up to:
✔ £5,000 for individuals
✔ £10,000 for businesses

Importantly, this wouldn't be an immediate step. The proposed process would only apply after HMRC's standard collection procedures had been exhausted, with taxpayers receiving a formal notice and an opportunity to pay, arrange a Time to Pay agreement or raise an objection.

Safeguards are also proposed for people experiencing genuine financial hardship, including affordability checks.

The consultation has now closed and these measures are not yet in force, with the Government expected to publish its response later this year.

If you're struggling with an outstanding tax bill, addressing it early can give you more options. B W Whiffin & Co can help you understand your position and the appropriate next steps.

📞 01376 570171
📩 [email protected]
🌐 www.whiffin.co.uk

30/09/2026

₿ Tax rules for cryptoassets are set to change

Draft legislation for the Finance Bill 2026–27 proposes changes to the way certain cryptoassets are treated for tax purposes, with new rules expected to apply from April 2027.

The proposals include:
✔ New tax treatment for qualifying stablecoins
✔ Changes affecting certain cryptoasset loans
✔ New rules for liquidity pools
✔ Some qualifying transactions being treated on a ‘no gain, no loss’ basis for Capital Gains Tax purposes

The aim is to provide greater certainty and avoid triggering a taxable gain or loss in certain situations where there hasn't been a genuine economic disposal of the cryptoasset.

These are currently proposed changes, with further HMRC guidance expected before they take effect.

If you hold, trade or use cryptoassets, it's increasingly important to understand the potential tax implications and keep accurate records of your transactions.

📞 01376 570171
📩 [email protected]
🌐 www.whiffin.co.uk

28/09/2026

💨 New duty on va**ng products starts in October

Businesses involved in the va**ng sector need to be ready for significant changes coming into effect from 1 October 2026.

The new Va**ng Products Duty and Va**ng Duty Stamps Scheme will introduce new requirements across the supply chain, affecting manufacturers, importers, wholesalers and retailers.

Key dates include:
✔ 1 October 2026 – the new duty takes effect
✔ 30 November 2026 – deadline to buy transitional duty stamps
✔ 1 January 2027 – only digital duty stamps can be affixed
✔ 31 March 2027 – final date for retailers and wholesalers to sell eligible unstamped stock held before the new rules
✔ 1 April 2027 – all va**ng products sold or supplied in the UK must carry a valid stamp

Businesses should review their stock, suppliers and HMRC requirements now rather than waiting until the new regime is underway.

Failure to comply could result in civil or criminal sanctions, so if your business is affected, make sure you're prepared for the changes.

📞 01376 570171
📩 [email protected]
🌐 www.whiffin.co.uk

**ngProductsDuty

25/09/2026

💷 Are you paying your staff the correct minimum wage?

Getting minimum wage rates right is an important responsibility for every employer – and the correct rate can change as employees get older or progress through an apprenticeship.

Since 1 April 2026, the minimum hourly rates are:

✔ £12.71 – workers aged 21 and over
✔ £10.85 – workers aged 18–20
✔ £8.00 – workers under 18
✔ £8.00 – qualifying apprentices

Remember, an apprentice aged 19 or over is only entitled to the apprentice rate during the first year of their apprenticeship. After that, the minimum wage for their age applies.

Getting it wrong can be costly. Employers may have to repay arrears and could face significant financial penalties.

It's therefore important to review payroll regularly – particularly when an employee has a birthday or an apprentice completes their first year.

Need help keeping your payroll accurate and compliant? B W Whiffin & Co offers fully managed payroll services.

📞 01376 570171
📩 [email protected]
🌐 www.whiffin.co.uk

Address

90 High Street
Colchester
CO59AA

Opening Hours

Monday	9am - 5pm
Tuesday	9am - 5pm
Wednesday	9am - 5pm
Thursday	9am - 5pm
Friday	9am - 4:30pm

Telephone

+441376570171

Website

http://www.whiffin.co.uk/

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