Keep up to date with all the latest tax and financial news from CKLG
Latest News From CKLG Accountants
Going for Gold at the 2016 Olympics
May 22, 2015
CKLG Accountants are delighted to announce that we are proud sponsors of Nacra 17 sailors Ben Saxton and Nic Groves in their quest for Gold at the 2016 Olympics in Rio de Janerio.
We are actively supporting Ben and Nic’s campaign to qualify for the 2016 Olympics and represent Great Britain in the Nacra 17 Mixed Multihull class. This is a new sailing class for the 2016 Olympics and first time that a sailing team for a boat has to be mixed, i.e. one male and one female.
Only one team per country can qualify to compete in this class at the Olympics so Ben and Nic are currently working hard to achieve their selection in Team GB.
Speaking about their Nacra 17 campaign Ben says “we definitely have the potential to be the best in the World!
There’s still a long road ahead, but we are confident Ben and Nic will do their utmost to succeed and we wish them both every success.
Estate planning advice
May 20, 2015
An overview of things to consider when planning how to pass on your wealth to your loved ones.
What you are going to leave behind you at the end of your life is something that everyone needs to think about seriously at some point. Whether you want to guarantee that your extensive collection of Star Wars figurines get the care they deserve, or you want to make it as easy as possible for your family to convert your estate into assets that will help them reach their goals, estate planning is important.
But estate planning is not simply a matter of dividing up your possessions. It can also be about making sure your current assets are organised in the right way to help you achieve what you want to. You may not be aware of the potential utility of the assets you have been sitting on top of all these years.
In essence, estate planning involves working out what you have, where you want to go, and how you would like to get there. To make sure you get the process right, there are certain steps you are going to need to take.
Allowable expenses for unfurnished let properties
May 19, 2015
Most let properties contain carpets, curtains and a cooker even if the property is let as "unfurnished". HMRC has changes its view of whether the cost of replacing the carpets, curtains and free-standing cookers/ fridges is tax deductible. For periods from 6 April 2013 onwards HMRC's view is those costs are not tax deductible where the property is not fully furnished.
However, the HMRC view is not the law. The tax law (ITTIOA 2005 s 68 and CTA 2009, s 68) says that a tax deduction is permitted for replacement of tools and equipment where a capital allowance can't be claimed (as it can't for items used within residential properties).
If you want to claim the cost of replacing carpets, cookers etc, in your unfurnished let properties you should make a full disclosure on your tax return as to the reason why you are claiming those costs.
Pension Tax Reclaim
May 19, 2015
If you have taken a cash lump sum from your defined contribution pension pot you may have been surprised by the tax deducted from the payment. In most cases the pension company will have deducted tax using an emergency PAYE code, which generally means more tax was collected than you were due to pay.
You can get a refund of the excess tax by either claiming on your self-assessment return after the end of the tax year, or by claiming during the tax year using an online form on the GOV.UK website.
There are different forms which need to be used whether you have other income or not and whether you have taken the full pension pot or not. We can advise you which the tax reclaim form is right for your circumstances.
April 28, 2015
The European Commission has produced a summary of the VAT rules that apply in each EU country for the supply of telecoms, broadcasting and digitally services to non-business consumers, which are covered by the VAT-MOSS system from 1 January 2015.
This guidance illustrates the complexities a business must cope with when selling across EU borders. For example France has four different VAT rates that can apply to different digital services. Nine of the EU countries require a VAT invoice to be issued to the non-business customer for a digital service, but each country has its own variation on that requirement. We can help you with cross-border VAT issues.
April 14, 2015
Minimising your tax liabilities with CKLG Accountants
April 2, 2015
Managing your personal and business tax affairs in a tax efficient way is a vital part of the financial planning process.
We offer expert tax advice and financial planning services on the following:
- Buying and selling businesses
- Retirement and succession planning
- Capital Gains Tax and Entrepreneurs Relief
- Structuring your business
- Share schemes and employee benefits
- Attracting the right investors for your business
- R&D and Patent Box
- A variety of personal tax planning such as CGT, IHT, Trusts, Residence & Domicile and Property Taxes
Pension contributions and withdrawals
March 31, 2015
Budget Report 2015
March 19, 2015
George Osborne has now delivered his last Budget before the General Election on May 7th.
His message is that ‘Britain is walking tall again’ having travelled part of the route from austerity to prosperity. However he also said that ‘the deficit remains high, productivity too low and the UK is not immune to the problems being experienced in Europe and other parts of the world economy’.
With an impending election and an uncertain outcome it is unclear how many of the measures announced yesterday will make it into legislation. But, as usual, we have prepared our own Budget Report so you can easily see the proposed changes which will affect you or your business.
Please download the 2015 Budget Report here.
Business growth vouchers programme
March 16, 2015
- finance and cash flow
- recruiting and developing staff
- improving leadership and management skills
- marketing, attracting and keeping customers
- making the most of digital technology
CKLG Accountants exhibiting at Two Counties Show
March 11, 2015
We are exhibiting at the Two Counties Business Exhibition at the Millennium Grandstand in Newmarket on Wednesday 25th March, 11am - 3pm.
Come along and speak to our specialist business accountants and tax advisers to discuss how we can help develop an idea for a new business, grow your existing business and manage your personal and business tax requirements more efficiently.
The Two Counties Business Exhibition brings together businesses from across Cambridgeshire, Suffolk and beyond to build new connections, promote products and services and to learn and be inspired by guest speakers.
Entry is free for all visitors.
2013/ 2014 Tax errors
March 3, 2015
HMRC are now issuing penalties for tax errors and mistakes made in 2013/14 tax returns, typically at the rate of 15% of the understated tax, although the penalty can be up to 100% of the underpaid tax.
If you have received a penalty as a result of a mistake made on your tax return, but you took every care to complete it, you need to submit an appeal against the penalty without delay. HMRC will take into account your background, experience and personal circumstances when deciding whether to remove or reduce the penalty, so tell HMRC as much about yourself as possible in your appeal.
We can help you with this process.
Changes to UK Business rates
February 26, 2015
The UK Goverment have made changes to the rules governing business rates and how you appeal against business rates that you feel to be incorrect.
The rates you pay on your non-domestic (eg business) property depend on its ‘rateable value’. This is calculated by the Valuation Office Agency (VOA). Any appeal against the rateable value of a property submitted after 1 April 2015 will not be backdated to the period 2010 to 2015.
If you are unhappy about the rateable value of your business property you need to get your appeal in by 31 March 2015. If you appeal later, and the rateable value of your property is reduced following the appeal, your business will not receive the potential refunds of business rates for periods up to 31 March 2015.
If you have any concerns about the rateable value of your business property, please contact us for advice.
Company car tax changes April 2015
February 18, 2015
We can help you work out the future tax due on your current company car, please contact us for more details.
Junior ISA Investments
February 17, 2015
Experienced audit manager, Cambridge
February 17, 2015
We are looking for an ACCA/ACA qualified individual, who has at least 2 years post-qualification experience, to become a permanent addition to our team. Ideally the candidate would be available to start during May or June this year.
UK Pension rules relaxed
February 10, 2015
Year End Tax Guide 2014/2015
February 3, 2015
With the 2014/ 15 tax year about to end, now is the perfect time to consider tax planning opportunities. Below is a check list to think about before April 2015.
- Have you used this year's increased ISA allowances?
- Have you maximised your pension contributions and renewed your life time allowances?
- Have you reviewed your Capital Gains Tax position and utilised your annual exemption for the year?
- If you are a higher rate taxpayer, have you considered making a gift aid donation of pension contributions to reduce the impact of the 45% rate?
- If your income is likely to exceed £100,000, have you considered ways to mitigate the potential loss or reduction of your personal allowance?
- If you are married or in a civil partnership, have you considered transferring income producing assets to the lower earner to utilise their personal allowance and lower tax rates?
- Have you reviewed your Inheritance Tax (IHT) position and utilised your annual exemption for the year? Have you considered taking advantage of other IHT exemptions for gifts within your lifetime?
If you would like to discuss these and any other tax planning opportunities available to you, our team would be delighted to hear from you.
Click here to download our short guide to rates, reliefs and allowences available for use by 5 April 2015
February 3, 2015
If a worker’s earnings are below the earnings trigger point for auto-enrolment that person does not have to be including in auto-enrolment. The earnings trigger point for all tax years up to and including 2014/15 was equivalent to the personal allowance for that tax year.
VAT returns benchmarked
January 27, 2015
HMRC are currently writing to around 7500 furniture retailers or car mechanics asking them to check the figures in boxes 6 and 7 on their VAT returns. The letter includes the standard range of VAT mark-up ratios for the relevant business sector and asks the business to calculate their own VAT mark-up to compare to the standard ratios.
If you receive one of those letters, don’t panic. HMRC do not believe your VAT return is wrong, they are just asking you to double check the reported figures. We can help you with that.
Fit for work
January 20, 2015
Self-Assessment Tax Return Deadline
January 6, 2015
2014/ 2015Self-Assessment Tax Return
Deadline 31 January 2015
If you are required to submit a self-assessment tax return to HMRC for the 2013/ 2014 tax year, please be reminded that the deadline is midnight 31 January 2015. Late submissions will result in a £100 fine, so please don't leave your tax return to the last minute.
If you have any questions or require any assistance completing your tax return, please contact us on 01223 810 100.