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What do those letters after an Accountants name mean?
Accountants and Tax Advisors will have a variety of 3 and 4 letter acronyms after their name to indicate their professional qualifications, certifications and memberships of accounting organisations. The designations signify that the individual has met certain...
Thinking About Starting a Business?
One of the most crucial decisions you'll make when starting a business is choosing the right structure. This choice impacts everything from your tax responsibilities to your level of personal liability, and even how you can secure funding. If you're considering...
Crypto investors urged to review tax obligations
The Chartered Institute of Taxation (CIOT) has emphasised the importance of accurate and timely tax reporting for all crypto-asset owners. UK crypto investors are urged to review their tax responsibilities as HMRC begins issuing “nudge letters” to those it suspects...
Will Pension Tax Reliefs change in the October Budget?
It was only last April when we saw the abolition of the lifetime allowance charge. There was also a significant increase in the pension annual allowance from £40,000 to £60,000 a year. Since then, Rachel Reeves has commented on Pension Tax Reliefs being...
Spotlight on Tax-efficient giving
Tax-efficient giving during your lifetime is a crucial component of estate planning, helping to minimize your potential inheritance tax (IHT) liabilities by benefiting your loved ones. By strategically using available allowances and exemptions during your lifetime,...
Don’t Miss Out on Your Full State Pension: Check Your National Insurance Record
HM Revenue and Customs (HMRC) has issued a reminder for individuals to review their National Insurance (NI) record to ensure they’re not missing out on valuable State Pension entitlements. This is especially important if there are gaps in your NI history. The issue...
Will the October Budget see a change in Capital Gains Tax rates and reliefs?
Capital Gains Tax (CGT) was established in 1965 by the Labour Chancellor in response to rising property values and investments after World War II, which had previously gone untaxed upon sale. Initially set at 30% in the 1980s, CGT rates were aligned with Income Tax...
ABC…Accepting Business Change
If you are running your own business, are you open to change? A business that is quick to accept change and adapt to market conditions, is one that is more likely to thrive. Change is inevitable but how you respond and manage change is key. There are some basic...
New Tipping Rules – Are You Ready?
From 1 October 2024, the Employment (Allocation of Tips) Act 2023 will come into effect. The legislation mandates that employers must ensure workers receive the entirety of any tips left by customers. The new law requires businesses to distribute all discretionary...
Are you making ends meet by selling some of your unwanted possessions online?
Did you know that there is a new law which requires online marketplaces – such as Depop, Vinted, eBay and Gumtree - to report income made by their users automatically to HMRC? This new law has sparked many a discussion …. “Will I have to pay tax on the money I make...
Did you know that your cryptocurrency is taxable?
There are more than 8,000 cryptocurrencies now in existence, it is therefore no surprise that so many people have dipped their toe into the market and tax is coming to the surface. One of the big misconceptions is that crypto is a currency for UK tax purposes, thus...
Thriving in Purpose: A Day at CKLG through the Eyes of a Dedicated Team Member
Starting out in your career or moving companies is not only about the job; it's about finding a place where your skills are recognised, your well-being matters, and you can thrive both professionally and personally. Today, we sit down with Ineta, a valued member of...
Will your New Year resolutions save you and your loved ones tax?
At this time of year, we all think about New Year’s resolutions. It is also a good time to start thinking about tax planning opportunities before 5 April 2024. Please think about 1. Equalling income between you and your spouse/civil partner to make best use of your...
If you’ve submitted your 2023 Tax Return, please don’t forget to pay your tax bill on 31 January 2024!
...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 online. ...
Have you had enough of running your own company?
There are many reasons a solvent limited company needs to be brought to an end; perhaps due to retirement, illness, or simply a desire to extract the cash tied up. Once a decision has been made to wind down and cease trading, the next step is to determine the most...
The 2023 Autumn Statement – the leaves are falling but is our economy growing?
The Chancellor has just delivered his Autumn Statement alongside the latest economic and fiscal forecast from the Office for Budget Responsibility (OBR). With confidence, the Chancellor announced that the government has met their pledges to half inflation, lower the...
Inheritance Tax – a topic of much debate as a general election looms?
Despite amounting to around £7bn a year, Inheritance Tax (IHT) is only being paid by 4% of estates and accounts for just 1% of tax. The largest revenue generators continue to be Income Tax, National Insurance and VAT. So, for a tax that only affects a small proportion...
A Christmas treat for you and your employees without a tax bill?
If you decide to give an employee a £50 cash bonus to help with the rising costs of living or a treat for the festive period, by the time this has been grossed up for Tax and National Insurance (NI), it will cost the company £83.68 for a basic rate taxpayer and £98.10...
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... 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... The HMRC recently published the latest advisory fuel rates (AFR) for company car users. The rates for some petrol engines and all vehicles with diesel engines increased by 1p per mile. LPG engine rates for 2000cc plus vehicles have fallen by 1p and the advisory... If you haven’t yet made the switch to a cloud-based accounting solution, what’s holding you back? A lack of understanding? Scepticism? Concern over costs? Whatever your feeling is, digital cloud-based accounting software now has a history, having been around for a... We’ve been supporting businesses manage their accounts with Xero since 2012. The online accounting software offers business users the chance to streamline financial processes and is used by both small and medium-sized companies. The ability to record, process, track... In recent years, many accountants have advised their director/shareholder clients that the most tax efficient method of extracting profit from their family company was to pay themselves a low salary, at or around the £12,570 personal allowance, with the balance in... HMRC eased reporting PAYE information in real time, in 2019, and so employers can continue to opt to pay employees early over the Christmas period. If you do pay early, you should still report your normal or contractual payday as the payment date on your Full Payment... If you decide to give an employee a £50 cash bonus to help with the rising costs of living or a treat for the festive period, by the time this has been grossed up for Tax and National Insurance (NI), it will cost the company £83.68 for a basic rate taxpayer and £98.10... The two biggest benefits of an electric company car are the upfront tax reliefs for the employer and the vastly reduced benefit in kind for the employee. For the employer: Corporation Tax (CT) relief will vary depending on how the vehicle is purchased. If the vehicle...
HMRC announces simpler tax reporting
The twin cab U-turn
Advisory Fuel Rates
Going Digital? A sensible accounting decision in 2024?
Why we choose to work with Xero
If the end of your accounting period is fast approaching, you might want to think about the following …
Are you paying employees early at Christmas? Are you reporting your PAYE information in real time?
A Christmas treat for you and your employees without a tax bill?
What are the benefits of owning an electric company car?
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