Blog
When does a Startup Company need an Accountant?
Starting a business is an exciting journey filled with creativity, innovation, and the thrill of bringing an idea to life. However, amidst all the energy and focus on launching a startup, financial management can often take a backseat. This is where the role of an...
Furnished Holiday Lettings – The latest update
HM Revenue and Customs (HMRC) have published draft legislation and a policy paper outlining the proposal to abolish the Furnished Holiday Lettings (FHL) tax regime. This was originally announced by the previous government and any hopes that this may be stalled by the...
HMRC unveils new VAT registration tool
HM Revenue & Customs has launched a new tool to assist businesses in understanding the implications of VAT registration.Businesses must register for VAT if: Their total taxable turnover exceeds £90,000 over the past 12 months They expect their taxable turnover to...
HMRC catching up on overclaimed Business Asset Disposal Relief
HM Revenue and Customs (HMRC) are writing to taxpayers they suspect may have overclaimed Business Asset Disposal Relief (BADR). BADR, which was formerly known as Entrepreneurs’ Relief, allows business owners to sell or dispose of their business assets or shares in...
Tax deductible staff annual events
Looking at the weather forecast, with the (hopeful) appearance of some summer weather why not treat your employees to a summer party? An employer may spend up to £150 per head (inclusive of VAT) per year, in providing annual functions and events to entertain its...
Wanting to finance a business asset? Should you Lease, Contract Hire or Hire Purchase?
Imagine this: your business is thriving, and it's time to invest in new equipment or a company vehicle. With numerous financing options available, how do you choose the right one? Let's simplify three popular choices – leasing, contract hire, and hire purchase – to...
Improving financial processes and business performance with Xero Accounting Technology
Hub Digital were struggling to stay on top of their financial data and needed expert assistance with improving financial processes and leveraging Xero Accounting effectively to support their growing business. Our tailored approach and commitment to understanding Hub...
Finance options available to small businesses
For small businesses the path of growth is often blocked by financial constraints. If you aren’t ‘cash rich’ or have a savings bundle to fall back on, being able to expand and invest is difficult, or nearby impossible. Whether it’s investing in new equipment,...
Highlights from the Chancellor’s speech: What are the implications for tax and compliance?
The new Chancellor of the Exchequer, Rachel Reeves, delivered her first speech as Chancellor last week outlining her plans for revitalising the UK economy. While her speech was inevitably political and included criticism for the previous government while emphasising...
Super-Deduction Replaced by Full Expensing
In the Spring Budget, the Chancellor announced that “full expensing” - 100% relief for new, eligible plant and machinery - would replace the 130% super-deduction from 1 April 2023 for companies. This is in addition to the £1 million annual investment allowance (AIA)...
Claims for the £6 a week tax stopped in April 2022
Working from home and the £6 per week allowance During the COVID pandemic, the government relaxed the conditions to enable those employees working from home to be paid £6 a week tax free by their employer (or, if not reimbursed, to claim tax relief of £6 a week...
Deadline for topping up NI contributions extended again to 5 April 2025
Maximising the State Pension entitlement should not be overlooked. The full rate of new State Pension increased to £203.85 per week (£10,600 pa) from 6 April 2023; a 10.1% increase over the 2022/23 rate, as a result of the “triple lock” being restored. At least...
Have you received a Notice to File a Tax Return?
If you receive a ‘Notice to File a Tax Return’ from HMRC, please don’t ignore it … Whether or not you meet the criteria for Self-Assessment, you must complete a Tax Return if HMRC sends you a notice to do so. However, if you don’t meet the...
Latest advisory fuel rates
HMRC’s latest advisory fuel rates The latest advisory fuel rates have been published and are applicable from 1 June 2023. Did you know that HMRCs advisory fuel rates (AFRs) can be used to work out the cost of fuel for journeys made in a company car? By...
Deadlines for Employees Providing Benefits
Important deadline for employers who provide their employees with benefits … 6 July 2023 is the deadline for submitting: Forms P11D: returns of benefits and expenses Form P11D(b): the Class 1A National Insurance Return Employment Related Securities...
Is it a good time to get into the Buy-to-Let Market?
Expanding your property portfolio can help increase your financial security — but is now a good time to buy-to-let? As house prices start to fall and rents rise across the UK, 2023 may look like a good year to get your foot on the investment property ladder. However,...
Are you thinking of working abroad remotely?
The pandemic has made a lot of employees and employers open to the idea of remote working. As a result, we have been receiving increasing numbers of enquiries concerning the tax implications of working for an overseas employer. This typically happens in one of two...
Online P11D and PAYE Settlement Agreements (PSA) – are you ready?
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...
Christmas is a time of giving here at CKLG we have donated various items to our close community: This festive season we have donated two chocolate bouquets to the Fenstanton and Hilton Primary School PTA for their Christmas Fayre, donated a hamper to Castle Camps... 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... From Tuesday 1 November 2022 businesses will no longer be able to use the existing VAT online account to file monthly or quarterly VAT returns. This is because, by law, all VAT-registered businesses must now be signed up to Making Tax Digital (MTD) and MTD-compatible... The financial and political turmoil over the past few weeks has left the country in tatters. After only 3 days in the job and a long weekend of discussions with the PM, the new chancellor is determined to stabalise markets, and the economy and regain confidence... For a long time businesses have been able to pay VAT liabilities by Direct Debit, however, this facility has not been available for PAYE/NI until now. You can set up a Direct Debit payment for PAYE/NI online, through the ‘Pay employer’s PAYE’ page on GOV.UK or... Making Tax Digital (MTD) is a government initiative to modernise HMRC’s tax system. The aim of this is to make the whole process of administrating tax simpler and more efficient. All of your tax information will be in one place (your digital account) and you will... The Government’s ‘help to grow: digital’ scheme has now expanded to include businesses with fewer than five employees. Over a million more businesses will now be eligible for the scheme, which has also been expanded to include one-to-one advice and... Hiring an employee for the first time is an exciting moment for any business owner. Suddenly, you’ve got another pair of hands to help out with jobs that used to fall entirely on you – and with that extra support, new opportunities for growth are possible. There’s a... For limited companies, when it comes to making decisions, company law states that shareholders who own more than 50% can pass a motion at a company meeting regardless of the views of other shareholders. If a shareholder(s) owns more than 75% of the shares, they...
Christmas is a time of giving at CKLG
A little help during difficult times? The benefits of a gift card over cash
The final Call for Making Tax Digital for VAT – Tuesday 1st November
U-turns or roundabouts! Is this one last roll of the dice for the PM and her team?
Paying Employers’ PAYE/NI by direct debit
Making Tax Digital for Income Tax – only 18 months left to comply
Help to grow scheme extends to smallest businesses
Employing Staff for the First Time – an overview of the Government’s Seven Steps
Does your company have a shareholder agreement?
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