Blog
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...
Budget 2024: Capital Gains Tax
Whilst the Budget didn’t include as many radical changes to Capital Gains Tax (CGT) as originally anticipated, there are still a few changes that were made which are of particular importance. Rates of CGT The Budget affects the sale of non-residential property for...
Budget 2024: Offshore Trusts going forwards
There were various announcements made at the Budget on 30 October 2024. One of these was the upcoming abolition of the “non-dom” tax regime, which is the biggest change to the taxation of non-UK domiciliaries since 2017. From 6 April 2025, the legal concept of...
The October 2024 Budget – will we end up with more in our pocket?
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...
The October 2024 budget – what could be in store for us all?
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 – Enhancing Business Efficiency Through Five Key App Integrations
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...
CKLG Social Impact: Our Commitment to the Community: Supporting Local Charities and Groups
At CKLG, one of our core values is to support charities and local groups. We are proud to support charities and not-for-profit causes, especially those linked to our incredible team. Our employees are not only talented tax and accounting specialists, but they are also...
Looking for the right accounting software to support your business?
Choosing the right accounting software can be a challenge, as each business has its own unique processes for managing customers. With over two decades of experience working with businesses of all sizes, we understand that the right finance software can significantly...
Happy New Tax Year
The beginning of April 2024 has not only brought chocolate eggs, sunshine and spring flowers but also a flurry of tax changes. The tax changes 2024 / 2025 will create winners and losers, depending on how much you earn. However, with frozen allowances and thresholds...
What is Capital Gains Tax?
Capital Gains Tax (CGT) is a tax levied on the profit arising when you sell an asset, give it away, exchange it or otherwise dispose of it. It could also apply if you receive insurance when an item is lost or destroyed. CGT is charged on the profit that you...
The Tax-free Childcare Scheme – A helping hand for working parents
With the cost of living constantly on the rise, managing childcare expenses can be difficult for working families. Help is available in the form of the government’s Tax-Free Childcare Scheme. Under the scheme, eligible parents can open a Tax-Free Childcare account via...
A Spring Budget for long term growth (and cheap beer?)
Jeremy has been listening to his wavering constituents, but will his policies result in ‘more jobs, more investment and lower taxes?’ ‘Permanent tax cuts’ were mentioned during the speech, but is anything permanent in economics or politics? ...
Have you received a ‘nudge’ letter from HMRC?
If you have undeclared income or gains, it is always better to tell HMRC about it before they contact you. Voluntarily disclosing omitted income and gains generally leads to more favourable treatment and lower penalties, compared to when corrections are prompted...
HMRC announces simpler tax reporting
HMRC have proposed improvements to two tax reporting systems which should simplify and modernise the tax system. These are The reporting and payment of Income Tax and Class 1A National Insurance contributions on benefits-in-kind via payroll software will become...
IHT Exemptions, use them or lose them…
In theory, there are plenty of relatively small things you can do in your lifetime which should not adversely affect your standard of living. If you make best use of the available Inheritance Tax exemptions (IHT) over a number of years, substantial IHT savings...
The twin cab U-turn
On 12 February 2024, HM Revenue & Customs (HMRC) had updated its guidance on the tax treatment of twin cab pickups following a 2020 Court of Appeal judgment. The guidance had confirmed that, from 1 July 2024, twin cab pickups with a payload of one tonne or more...
There’s an increase in tax refund scams – please don’t get caught
Apparently HMRC have responded to more than 79,000 queries relating to fake tax refunds, that’s a 14% increase since the previous year suggesting fraudsters and scammers are increasing. With the 2023 Tax Return filing deadline having now passed and many taxpayers...
Managing a limited company requires meticulous attention to regulatory obligations, particularly regarding tax and accounting. Financial compliance is punctuated by a series of key deadlines and potential penalties for... In preparation for ‘Making Tax Digital for Income Tax Self-Assessment’, the method of taxing your ‘sole trade’ profit or ‘share of partnership’ profit has significantly changed. Using an accounting date of 31 December as an example: a ‘sole trade’ or ‘share of... If you are running a small business VAT can be a tricky area, there are many obligations and legal requirements that you must adhere to. Here’s our top ten thoughts on the areas where you can be at risk: Failing to register for VAT, or registering incorrectly can lead... In a move to empower and advocate for small businesses, the establishment of the Small Business Council marks a significant milestone in fostering entrepreneurship and innovation. Small businesses are often considered the backbone of the UK economy, comprising 99.9%... Managing cash flow effectively is crucial for the survival and growth of your small business. It involves planning, monitoring, and controlling the money flowing in and out of your business to ensure you have enough cash to cover expenses and avoid... The Economic Crime and Corporate Transparency Act 2023 (ECCT Act) came into force on 4 March 2024 providing new powers for Companies House. Companies House, the UK’s registrar of companies, plays an important role in maintaining public records related to corporate... With the cost of living constantly on the rise, managing childcare expenses can be difficult for working families. Help is available in the form of the government’s Tax-Free Childcare Scheme. Under the scheme, eligible parents can open a Tax-Free Childcare account via... Jeremy has been listening to his wavering constituents, but will his policies result in ‘more jobs, more investment and lower taxes?’ ‘Permanent tax cuts’ were mentioned during the speech, but is anything permanent in economics or politics? ... If you have undeclared income or gains, it is always better to tell HMRC about it before they contact you. Voluntarily disclosing omitted income and gains generally leads to more favourable treatment and lower penalties, compared to when corrections are prompted...
Tax Deadlines & Penalties for Limited Companies
Changes to how business profits are taxed
Our Top Ten Tips for dealing with VAT as a small business
Unlocking the potential of the SME
Spotlight on Managing Cashflow for Small Businesses
New powers for Companies House
The Tax-free Childcare Scheme – A helping hand for working parents
A Spring Budget for long term growth (and cheap beer?)
Have you received a ‘nudge’ letter from HMRC?
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