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If you’ve submitted your 2024 Tax Return, please don’t forget to pay your tax bill on 31 January 2025!
…but if you are struggling to pay, did you know that H M Revenue and Customs (HMRC) provide an option to pay monthly under their ‘Time to Pay’ arrangement? Providing you owe less than £30,000 under self-assessment, you might be able to set up a payment plan...
Seven Steps for effective Business Succession Planning
Planning for the future of your business is one of the most critical responsibilities of an owner. An effective succession plan will ensure a smooth transition of ownership or leadership, and protects the legacy you've worked hard to build.Failing to plan can lead to...
Were you peeling brussels or completing your 2023-24 Tax Return on Christmas morning?
HM Revenue and Customs (HMRC) have revealed that 4,409 people chose Christmas Day to file their 2023-24 Tax Return. In fact, 40,072 taxpayers submitted their Tax Returns over the Christmas break, proving that even amidst the festive cheer there’s always time for a...
Beware of Scams – A warning for Taxpayers
HMRC has warned taxpayers to stay vigilant as the Self Assessment season gets underway. In the past year, nearly 145,000 scam attempts were reported, marking a 16.7% increase from the previous year. Fraudsters often impersonate HMRC, offering fake tax refunds or...
Spread the cost of your Self-Assessment tax bill with HMRC’s Time to Pay
With the holidays and end of the year fast approaching, it’s a good time to plan your finances for the new year. For those who file Self-Assessment tax returns, the prospect of having to make a heavy tax payment at the end of January 2025 may be causing concern. Did...
Paying employees early before Christmas
Some employers need to pay their employees earlier than usual in December. This can be for several reasons, such as businesses closing during the festive period and needing to pay workers earlier than normal. As in earlier years HMRC have announced that they have...
Let’s focus on succession planning
The Chancellor’s proposals to cap Inheritance tax (IHT) reliefs on 30 October dealt a huge blow to our generational businesses, especially farmers. The proposals still have to pass through parliament and receive royal assent before they become law but, in the...
Effective Business Budgeting
Budgeting is essential for businesses of all sizes, providing a roadmap for managing resources management, addressing potential challenges, and setting achievable goals. For small and medium-sized enterprises (SMEs), a strong budget can be the key to success rather...
Advisory fuel rate for company cars
The table below sets out the HMRC advisory fuel rates from 1 December 2024. These are the suggested reimbursement rates for employees' private mileage using their company car. Where the employer does not pay for any fuel for the company car, these are the amounts that...
If you’ve submitted your 2024 Tax Return, please don’t forget to pay your tax bill on 31 January 2025!
…but if you are struggling to pay, did you know that H M Revenue and Customs (HMRC) provide an option to pay monthly under their ‘Time to Pay’ arrangement? Providing you owe less than £30,000 under self-assessment, you might be able to set up a payment plan...
Were you peeling brussels or completing your 2023-24 Tax Return on Christmas morning?
HM Revenue and Customs (HMRC) have revealed that 4,409 people chose Christmas Day to file their 2023-24 Tax Return. In fact, 40,072 taxpayers submitted their Tax Returns over the Christmas break, proving that even amidst the festive cheer there’s always time for a...
Beware of Scams – A warning for Taxpayers
HMRC has warned taxpayers to stay vigilant as the Self Assessment season gets underway. In the past year, nearly 145,000 scam attempts were reported, marking a 16.7% increase from the previous year. Fraudsters often impersonate HMRC, offering fake tax refunds or...
Spread the cost of your Self-Assessment tax bill with HMRC’s Time to Pay
With the holidays and end of the year fast approaching, it’s a good time to plan your finances for the new year. For those who file Self-Assessment tax returns, the prospect of having to make a heavy tax payment at the end of January 2025 may be causing concern. Did...
Let’s focus on succession planning
The Chancellor’s proposals to cap Inheritance tax (IHT) reliefs on 30 October dealt a huge blow to our generational businesses, especially farmers. The proposals still have to pass through parliament and receive royal assent before they become law but, in the...
How to handle a Compliance Check from HMRC
Receiving notice of a personal tax compliance check from HMRC can seem daunting, but with the right preparation, it doesn't have to be overwhelming. In our spotlight guide, we outline what to expect during a compliance check, how to stay organised, and ways to manage...
HMRC to revise late payment rates after Bank of England rate cut
On Thursday 7 November, the Bank of England base rate (Bank Rate) reduced from 5.00% to 4.75%. What does this mean for tax payments? How late payment interest is determined and how will this change HMRC interest rates are set in legislation and are linked to the Bank...
Budget 2024: Inheritance Tax significant changes that will affect us all
We were expecting changes to Inheritance Tax (IHT) but the impact of what has been proposed could be catastrophic for smaller businesses seeking funding to help them grow and the succession plans of established family businesses, especially farmers. Last week,...
2024-25 Self-Assessment Tax Returns: Have you filed yours?
HM Revenue and Customs (HMRC) is reminding taxpayers that the 31 January 2025 deadline for submitting 2024-25 Self-Assessment Tax Returns is fast approaching. Already, over 3.5 million tax returns for 2024/25 have been filed, but HMRC expects more than 12 million to...
Planning for the future of your business is one of the most critical responsibilities of an owner. An effective succession plan will ensure a smooth transition of ownership or leadership, and protects the legacy you've worked hard to build.Failing to plan can lead to... Some employers need to pay their employees earlier than usual in December. This can be for several reasons, such as businesses closing during the festive period and needing to pay workers earlier than normal. As in earlier years HMRC have announced that they have... Budgeting is essential for businesses of all sizes, providing a roadmap for managing resources management, addressing potential challenges, and setting achievable goals. For small and medium-sized enterprises (SMEs), a strong budget can be the key to success rather... HMRC has confirmed that double-cab pickups will be taxed as cars from April 2025, following the latest Budget announcement. This change, outlined in the Budget Red Book, reverses earlier decisions that caused uncertainty over the taxation of these vehicles.... Partnering with a local accountant can offer significant advantages for both individuals and businesses. At CKLG, 60% of our Business Services clients are based in the Cambridgeshire area, with another 20% from neighbouring counties. The CKLG team is dedicated to... If you’re considering a festive treat for your team this Christmas, it’s helpful to keep the guidelines for trivial benefits in mind. Trivial benefits allow businesses to offer tax-free perks to directors and employees, provided certain rules are followed. These perks... A commanding performance in the House of Commons by the first ever female Chancellor, Rachel Reeves. A long and consequential Autumn Budget statement which intends to raise taxes by £40billion; the bulk of which will come from raising National Insurance... There’s a massive black hole to fill which seems to be getting larger. Both the Prime Minister and the Chancellor have already indicated that The October Budget will bring “difficult decisions” but what is the latest? Tax Implications for Employers: While... Xero is a leading cloud-based accounting platform designed to simplify financial management for small and medium-sized businesses. Known for its user-friendly interface, flexibility, and robust integrations, Xero allows companies to streamline operations beyond...
Seven Steps for effective Business Succession Planning
Paying employees early before Christmas
Effective Business Budgeting
Double-cab pickups to be classed as cars under new HMRC policy
Why use a local accountant?
Christmas Gifts for Staff: Understanding Trivial Benefits
The October 2024 Budget – will we end up with more in our pocket?
The October 2024 budget – what could be in store for us all?
Xero – Enhancing Business Efficiency Through Five Key App Integrations
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