Blog
Maintaining Financial Health
Getting into good financial habits is sensible, but sometimes making those strategic money decisions can be overwhelming. Here’s our five-step guide to a healthy financial wellbeing. Budget EffectivelyIf you set yourself an effective budget you can control your...
Practical and Effective Steps to Manage Debt
With rising living costs and the easy availability of credit, it can be easy to fall into debt. There are some practical and effective strategies that you can use to manage your debt, if you find yourself overwhelmed with money worries. So, whether you are dealing...
Stealth Tax Raid
A couple of years ago, the chancellor told us that the level at which we’d pay Income Tax would be frozen at £12,570 until April 2028 thus dragging more and more individuals into paying tax. Alongside this we have seen: State pensions increasing in...
Tax Deadlines & Penalties for Limited Companies
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...
Spotlight on Personal Tax Planning
As we step into the 2024/ 2025 tax year, it's time to take a proactive approach to managing your personal finances. Whether you are navigating the complexities of income tax, considering investment opportunities or planning for your future, understanding the...
Changes to how business profits are taxed
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...
Understanding Taxes Payable When Someone Dies
Coping with the loss of a loved one is always challenging. Amidst the whirlwind of emotions, managing financial matters is very daunting especially when dealing with estate administration and the payment of various taxes. If you are called upon to be an executor,...
I’ve heard of ‘Tax Administration and Maintenance Day’ but what really happens?
18 April is branded as ‘Tax Administration and Maintenance Day’, where the government showcase their plans for the coming year. This year it was all about streamlining, modernising, and addressing non-compliance and tax avoidance. Two schemes that are set to get...
Our Top Ten Tips for dealing with VAT as a small business
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...
Ways to reduce your tax bill
If you would like to legitimately reduce your 2021/22 tax bill that you have just paid, or your tax bill for 2022/23, you might want to consider subscribing for shares in qualifying Enterprise Investment Scheme (EIS) companies. Under this HMRC-approved scheme, every...
Our tax saving thoughts to consider before 5 April 2023
We witnessed a myriad of Prime Ministers, Chancellors, and budget announcements in 2022 which has made our world even more challenging than usual. High energy costs, rising interest rates, and suffocating inflation must result in our economy shrinking in 2023 - all...
Are you struggling to pay HMRC what you owe?
Agreeing a payment plan used to involve calling HMRC and convincing the officer that you were struggling to pay. Agreement was often made grudgingly. This stance has softened in recent years and, sometimes, there is no need to make a call at all. However,...
Are you selling online to make ends meet?
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...
The New VAT Penalty Regime – here is everything you need to know
The new VAT penalty regime has now come in announcing a new penalty point system and penalties for late VAT returns. The new system states the following: A single penalty point will be issued for a late submission. Once the business has exceeded a points threshold...
The 2022 Tax Return filing deadline is days away – read our hints and tips on what to consider
We all work to deadlines; an important one is looming which will cost you an automatic £100 penalty if your 2022 Tax Return is not filed electronically by Tuesday 31 January 2023. If you bury your head in the sand and also forget to pay your tax bill, tax geared...
Making Tax Digital (MTD) for Income Tax Self-Assessment Postponed
MTD is all about digital record keeping and providing HMRC with quarterly updates to reduce errors which, in theory, will save time. Whilst VAT-registered businesses have demonstrated that MTD can work, we are all facing economic challenges and most need more time to...
Christmas is a time of giving at CKLG
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...
Celebrating twelve achievements of CKLG’s Private Client Team in 2022
Christmas Day marks the beginning of the twelve days of Christmas. In the lead-up to the big day, we’ve been thinking about our achievements over the past twelve months. CKLG Private Client is proud to announce twelve of our successes in 2022 that we’d like to sing...
As businesses continue to recover from hard times, find out five ways SMEs can get financial support for their business. Here are five ways SMEs can get financial support for their businesses: Claim up to £5,000 with the Employment Allowance Eligible... Change to Construction Industry Scheme (CIS) filing information If your company is in the subcontractor industry and your customer deducts 20% CIS tax from its payments to you, then to assist with your cash flow you can offset this tax against your PAYE/NI... April 2022 is the start of the new payroll year and with it brings quite a few changes. Tax-Free Allowance & Rate Bands: There have not been any changes to the tax-free allowance or rate bands for 22/23. However, there has been a small... Maybe you’ve spent years in a well-paid job and as a result of a difficult couple of years, you’ve recently been made redundant. You’ve taken the plunge and decided to branch out on your own. Did you know that: You might be able to deduct expenses incurred in... Millions of households are facing a rise in energy costs, alongside increases in the cost of council tax, water bills and other utilities and there is a warning of fresh energy bill price rises in October. Energy prices have been affected by the Ukraine war and... MTD ITSA comes into force from 5 April 2024, for taxpayers with rental and/or trading income in excess of £10,000. Although the legislation supporting the new system has yet to be finalised, HMRC has started voluntary enrolment to beta test the system and processes.... Another tax year has just ended and we are already starting to plan for the 2021/22 Tax Return season. Whilst the online filing deadline is not until 31 January 2023, there are a number of good reasons to get your Return filed early: 1. You will... The hospitality, holiday accommodation, and attraction industries benefited from reduced VAT rates during the pandemic, with the chancellor first announcing a reduction to 5% which was then increased to 12.5%. This reduction in rate has now ceased, as of 31 March... An update on how recent and known changes will affect your Business from now onwards … Making Tax Digital for Business: VAT April 2022 sees the final phase of the introduction of the Making Tax Digital (MTD) for VAT regime. All VAT registered businesses, regardless of...
Government Support for SMEs to train, invest and innovate
Micro Blog: Change to Construction Industry Scheme Filing Information
Payroll Key Updates
Have you taken the plunge and set up in business on your own?
Business Resilience in Tough Times
Making Tax Digital for Income Tax Self Assessment – Where are we now?
Why should I file my Tax Return Early?
End of 12.5% Temporary VAT Rate
Spring Statement – What this means to your business
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