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A step by step approach to supporting small business growth
Are you a small business owner who is pondering the move to cloud computing? Do you need help understanding how to best manage your cash flow or where to look for additional funding opportunities? Or maybe you are just trying to understand the complex world of tax...
It’s the morning after the night before…
…. and, all through the house – many are stirring, even the mice! As predicted, it’s a landslide victory for The Labour Party. The new Parliament will meet next Tuesday to elect a Speaker. The State Opening of Parliament and the King’s Speech will follow...
Reminder: P11D form submission deadline rapidly approaching
The deadline – 6 July – for reporting expenses and benefits to HM Revenue & Customs (HMRC) is rapidly approaching. It's important for all employers to understand their responsibilities regarding this crucial tax form. Whether you're a seasoned business owner or...
Guide to the General Election 2024: Tax implications for your business
As a business owner, you’ll likely be wondering how the upcoming general election on 4 July 2024 is likely to affect your business. A new government can mean significant legislative changes and tax upheavals that can impact your business operations and financial...
Meet Vicky: A Senior Accountants Executive with a community passion
Vicky joined the CKLG team in May 2018 and in her words has “enjoyed six very fulfilling years” with the Business Services team. Her role as Senior Accounts Executive involves bookkeeping, VAT returns, management accounts, year-end statutory accounts, and corporation...
Tax uncertainties
With the General Election approaching, there are many uncertainties regarding the parties' tax commitments. Labour has announced plans to raise taxes by applying VAT to private school fees, targeting overseas property investors, and reforming the tax system for non-UK...
Did you know that there were some measures announced in the 2024 Spring Budget that didn’t make it?
Before the general election was announced, there was a rush to pass legislation before parliament was dissolved. Consequently, some tax measures announced in the 2024 Spring Budget were not included in the 2024 Finance Bill, which means they are not yet law....
Do you have 2023/24 payroll reporting obligations outstanding?
By now, you should have given all your employees a copy of their 2024 P60s.There are still a handful of additional payroll obligations for 2023/24 to comply with … PAYE Settlement AgreementsIf you’ve not agreed your 2023-24 PAYE settlement agreement on employee...
Commuting costs for hybrid workers
The Covid-19 pandemic fundamentally changed how many employees work and working from home became the norm. Since the pandemic, many employees have partially returned to the office – their working week being split with some days spent in the office and some...
Important Update on Research & Development Tax Credits
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...
Can a Salary Sacrifice Arrangement reduce Income Tax and NIC’s?
Many employers and their employees are considering swapping some of their salary for either tax-free benefits or benefits that have a low tax and NIC charge (for example an electric company car). All this needs to be done with care and...
Reasons to file your Tax Return early…
Filing a Tax Return can be time consuming and stressful for everyone – especially if it’s left until December/January to complete. Our inboxes are being bombarded with information from employers, financial institutions and rental agents – information we’ll need...
Payroll – Updated rates and thresholds for employers 2023/2024
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 ...
Happy New Tax Year
We all know we’re going to be paying more tax from now onwards. The Personal Allowance and basic rate band threshold have been frozen for the next five years until 5 April 2028. As earnings increase over time, you may find yourself moving into a higher rate tax band...
Budget announcements that weren’t announced: Changes to Trust taxation
Changes to Trust taxation As we quite often find, the Budget speech and corresponding headlines don’t cover all of the actual Budget proposals. Following a consultation earlier in the year, the Government has announced that it will be legislating the proposals...
2023 Spring Budget
Jeremy Hunt’s first Budget since becoming Chancellor included incentives to try to get the number of people in employment back to pre-pandemic levels and encourage business investment. This comes as part of a plan to reduce inflation, grow the economy and get...
Latest update on basis period reform
Basis Period Reform – What is the latest? We are all breathing a sigh of relief that Making Tax Digital for Income Tax Self-Assessment (MTD ITSA) has been delayed for a further 2 years until 6 April 2026 and the income thresholds have been increased meaning that many...
Are you planning your retirement
There’s no time like the present to start thinking about your plans for retirement. Knowing that the government has announced plans to potentially increase the state pension age further – many of us might not be able to access our state pension as early as we...
Alex attended the Digital Accountancy Show recently which introduced accountants to more digital resources to help serve businesses better and assist with making the financial function work efficiently. All VAT-registered businesses have been pushed... How to reduce penalties for accounting errors HMRC recently announced new powers to investigate companies they suspect of evading taxes, so as a business owner, you might be worried about what happens if your company comes under scrutiny. Even if you’ve played... As you may have heard, there are changes happening to National Insurance contributions (NICs). From 6 July, the new thresholds will come into effect. But what does that mean for you? As a self-employed worker, you will already pay your National Insurance differently... The Government’s flagship Covid business recovery scheme officially came to an end late last month (30 June). The recovery loan scheme opened to applications on 6 April 2021 to help businesses cope with trade lost to the Covid pandemic. The scheme offered £1.06... People are unprepared and unenthusiastic for Making Tax Digital (MTD), according to a survey commissioned by HMRC. Global market research group Ipsos recently released data suggesting “awareness of MTD in general, and MTD for income tax self-assessment (ITSA)... Planning a staff party this summer? Normally, business entertainment is not a tax-deductible expense. However, the cost of entertaining your employees (including directors), for example by having a staff party, is an exception. Whether your business is run... This week HMRC will be sending email reminders to all VAT-registered businesses to remind them that they will now need to keep digital records, sign up to MTD and file all their future VAT returns using the MTD-compatible software. If you do not meet HMRC... Here is a summary of the main tax breaks for capital expenditure that are currently available: - 130% relief for investment by limited companies on new plant and machinery that would normally be dealt with in the general pool (Super-Deductions) 100% relief... It’s all change for unincorporated businesses who don’t prepare their accounts to 31 March (or 5 April) and … … Sole Traders, Partnerships and Trusts/Estates who have trading income will all be affected; and it’s all in preparation for Making Tax Digital...
Gadget Guide – Digital Resources to help serve your business
How HMRC conducts Tax Investigations
How do changes to NIC’s affect you?
Recovery Loan Scheme Comes to an End
Taxpayers not ready for making tax digital
Your staff summer party in your accounts is tax deductible
Avoid penalties – Making Tax Digital (MTD) compliance
Chancellor committed to encouraging capex spending
All change for unincorporated businesses in preparation for Making Tax Digital
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