Blog
Providing a helping hand to finance functions
With the retirement of their previous accountant and their internal Financial Director at the same time, Touch of Ginger (TOG) found themselves with a potentially large gap in the finance function of their business that needed to be rectified quickly to ensure the...
Spotlight on R&D Tax Credits
In our latest Spotlight Report we shine a light on the world of R&D Tax Credits. Designed to encourage businesses to spend more on R&D activities they can provide you with an ‘R&D Tax Credit cash refund’ or reduce your tax bill. It’s worth remembering that...
HMRC’s Construction Industry Scheme Subcontractors Information Video
HMRC have created a video to provide advice to Construction Industry Scheme (CIS) subcontractors. The video runs for just over a minute and briefly explains why contractors must provide accurate material costs and encourages contractors to send the correct details...
Get ahead of the Game: Submit Your 2024 Self-Assessment Tax Return early!
Gathering together all the information you need to complete your Tax Return can be stressful, especially as you’ll find yourself scrambling around to gather documents from April 2023 to April 2024. By submitting your Tax Return earlier than its usual due...
Tax Adviser vs. Accountant: What’s the Difference?
At CKLG, we offer the best of both worlds. Our Business Services Team provide expert accounting services, while our Tax team specialise in tax advice. Although the roles of an accountant and a tax adviser often overlap, they serve distinct purposes when it comes to...
Do you need to register for Self Assessment?
If you know you owe Income Tax on increased amounts of savings income and/or have sold assets realising a chargeable gain on which Capital Gains Tax is payable – it is very likely that you will need to complete a 2024 Tax Return. This will involve registering for...
Will the October budget be “painful”?
The Prime Minister, Sir Keir Starmer, has said that the October budget will be “painful” and the government would be making “big asks” of the country. He said that the country would need to be prepared to “accept short-term pain for long-term good” and that those with...
Should you be thinking about passing on wealth before the budget?
Many individuals are passing on their wealth in anticipation of possible changes to Inheritance Tax (IHT) in Labour’s first Budget on 30 October. Should you consider doing the same? Do you know what the value of your Estate is and your potential IHT exposure under the...
The Chancellor refuses to rule out an increase to Capital Gains Tax
During a recent visit to the US and Canada, Rachel Reeves was asked whether she was considering increasing Capital Gains Tax (CGT). She replied: “We’ve got a budget on October 30 2024 and we will set out our policy then, but it’s always important when you’re deciding...
Pension Rules – should you increase your contributions?
At the beginning of every tax year your pension allowances refresh, bringing you opportunities to maximise your pension tax relief. The rules are now even more generous than before: The Annual Allowance (AA) has increased from £40,000 to £60,000 – meaning that you...
What are the benefits of owning an electric company car?
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...
Self-Assessment scam warning
Self-Assessment scam warning HM Revenue & Customs (HMRC) is urging us all to be on the lookout for scam texts, emails, and phone calls from fraudsters. Scammers impersonating HMRC With a large number of people expected to submit a 2022-23 Self-Assessment Tax...
Certificate of Tax Deposits Update
HMRC are holding £89 million in "Certificates of Tax Deposit". Could one be yours? The ‘Certificate of Tax Deposit’ scheme allowed taxpayers to deposit money with HMRC to pay certain tax liabilities and stop late payment interest accruing. Most commonly, these were...
Autumn Statement 2023
The Chancellor of the Exchequer has announced that he will present the Autumn Statement to Parliament on 22 November 2023. Jeremy Hunt will use the Statement to set out future tax and departmental spending plans, although he may hold back some ideas due to...
How can I save Corporation Tax?
With increases to the rate of Corporation Tax, companies are now – more than ever – looking for ways to reduce their Corporation Tax liability. Are you making the most of the tax reliefs and allowances available to your company? It might sound obvious but claim all...
Do you need to file a 2022/23 Tax Return because you owe income tax on savings income received in the year ended 5 April 2023?
Rising interest rates coupled with frozen allowances and income tax thresholds will force more taxpayers to pay Income Tax on their savings. It might even push your total income over the basic rate threshold which will reduce your Personal Savings Allowance from...
Trivial Benefits – Rewarding your employees
Thinking of boosting staff moral with a small gift? Trivial benefits are a great way to reward employees without a tax bill! A gift is classed as a trivial benefit if it costs £50 or less to provide it’s not a voucher that can be exchanged for cash it’s not...
Gifting your home – have you considered the implications?
Gifting property to someone else – especially if it is the home you live in – can be very complicated. There are various tax implications to consider. Inheritance Tax (IHT) and Capital Gains Tax (CGT) are usually the main two direct taxes that you will need to think...
With increases to the rate of Corporation Tax, companies are now – more than ever – looking for ways to reduce their Corporation Tax liability. Are you making the most of the tax reliefs and allowances available to your company? It might sound obvious but claim all... The deadline for filing the 2022/23 P11D forms to report benefits in kind provided to directors and employees is 6 July 2023. You also need to report how much Class 1A National Insurance (NI) you owe on a P11D(b) by the same deadline and pay the... R&D tax credits are a great way for UK businesses to reduce their corporation tax liability in return for investing into research and innovation. This is either as a reduction in their Corporation Tax bill or as a cash lump sum if the company... Adopting ESG (Environmental, Social and Governance) standards that measure how green your business is beneficial to the environment, the wider community and potentially, your bottom line! The three core pillars of ESG are: • Environmental — how does... As a business owner with employees are you aware that from April 2023 the National Minimum Wage and several statutory payment rates increased for the 2023-24 financial year? Detailed below updates: Statutory Maternity, Paternity, Shared Parental and Adoption Pay ... If you regularly sell goods or services through an online marketplace, you could be classed as a ‘trader’. If you earn more than £1,000 before deducting expenses incurred wholly or exclusively incurred for your trade, you will be liable to pay Income Tax on any... Business Budgets & Reforecasting There are many reasons why a business needs a budget and a plan for the current year of your business, here we have listed the top 5 reasons. 1. Providing a Focus for the Business Defining business targets to work towards helps to... 2023 – A year for resilience? In 2022, despite the troubles with the economy, we have been amazed at the resilience of our clients and how they have energetically moved their businesses into new areas, products and services. Many of our clients have redesigned... Step back in time with us as we reflect on a year with our business services team… It has been a turbulent year trying to get back to normality after Covid. It has been great to get back in front of clients again, holding lots of face-to-face client meetings...
How can I save Corporation Tax?
Online P11D and PAYE Settlement Agreements (PSA) – are you ready?
Important Update on Research & Development Tax Credits
How Green is your business?
Payroll – Updated rates and thresholds for employers 2023/2024
Are you selling online to make ends meet?
The top 5 reasons to prepare a budget for your business
What is your business’s strategic plan for 2023?
Reflecting on a year with CKLG’s Business Team
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