Blog
A Spring Budget for long term growth (and cheap beer?)
Jeremy has been listening to his wavering constituents, but will his policies result in ‘more jobs, more investment and lower taxes?’ ‘Permanent tax cuts’ were mentioned during the speech, but is anything permanent in economics or politics? ...
Have you received a ‘nudge’ letter from HMRC?
If you have undeclared income or gains, it is always better to tell HMRC about it before they contact you. Voluntarily disclosing omitted income and gains generally leads to more favourable treatment and lower penalties, compared to when corrections are prompted...
HMRC announces simpler tax reporting
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...
IHT Exemptions, use them or lose them…
In theory, there are plenty of relatively small things you can do in your lifetime which should not adversely affect your standard of living. If you make best use of the available Inheritance Tax exemptions (IHT) over a number of years, substantial IHT savings...
The twin cab U-turn
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...
There’s an increase in tax refund scams – please don’t get caught
Apparently HMRC have responded to more than 79,000 queries relating to fake tax refunds, that’s a 14% increase since the previous year suggesting fraudsters and scammers are increasing. With the 2023 Tax Return filing deadline having now passed and many taxpayers...
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...
Our Fiscal Report – Kwarteng’s ‘not-so-mini’ Budget – 23 September 2022
Last week’s fiscal statement, the ‘mini-Budget’ that the Government insisted wasn’t, in fact, a Budget at all, came at 9:30am on Friday 23 September and brought with it some significant, unexpected and (in some cases) controversial measures. Amid preceding uncertainty...
The Mini Budget – September 2022
The Mini Budget – apparently the biggest tax-cutting event in 34 years, just how many rabbits were there in Kwasi’s hat? A fiscal event without the red box – that will still come later in the year when the Office of Budget Responsibility publishes its full...
Did you know that it’s not just Trusts that are caught by the new Trust Registration Service
Post-Brexit, the EU's fifth money laundering directive has brought with it more stringent reporting for Trustees and others to increase transparency. This reporting requirement can also include some investments arranged by Financial Advisers. Our Aniketa, and Zara...
Could your investments present an opportunity for Inheritance Tax Planning?
The Capital Gains Tax (CGT) implications of gifting an unencumbered asset to your loved ones should always be considered prior to making a gift. If the asset you are thinking about giving away is worth more than what you purchased it for, you may have to pay CGT on...
How HMRC conducts Tax Investigations
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...
Is HMRC on your tail?
HMRC’s Wealthy External Forum have announced that they are in the process of sending reminder letters to wealthy taxpayers who have received notices to file Tax Returns for the tax years ended 5 April 2018, 2019, and / or 5 April 2020 - but have so far failed to do...
Taxation of Investment Bonds
Investment Bonds are usually treated as a single-premium life insurance policy, but fundamentally they are an investment product. They are often seen as an attractive planning opportunity because any investment growth is allowed to roll-up within the Bond, and 5% of...
ATED Returns have you had a valuation of your property recently
If you own residential property in a Limited Company you might be in for a nasty surprise! The Annual Tax on Enveloped Dwellings (ATED) was introduced in 2013 to make it less attractive to own high-value residential property through a company (or a partnership that...
Making Tax Digital for Income Tax Self Assessment – Where are we now?
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....
Reporting Coronavirus Job Retention Scheme Grants (CJRS) on Corporation Tax Returns The CT600 Corporation Tax return has been amended to include a requirement for companies to report CJRS grants (furlough payments) received and the amounts they were entitled to. There... Running your business finances in the cloud through software such as Xero rather than traditional desktop software or using excel opens the opportunity for a far more collaborative approach to managing the finance function of your business No longer do you need to... Christmas is coming as is the electronic filing deadline for the 2021 Self-Assessment Tax Return If you know you owe tax for the year ended 5 April 2021 of less than £3,000 and would like HMRC to collect it through your PAYE tax code to help your cash flow your 2021... During the pandemic many businesses helped ease cash flow by taking advantage of a bounce back loan. However what happens now repayments are due if your business has yet to recover from the impact of the pandemic? Bounce back loan scheme initially gave businesses an... HMRC is a stickler for rules and regulations especially those relating to the timing of claims for tax deductible reliefs and expenses. Except where the tax legislation states otherwise the general rule is An individual (or company) can usually amend a Tax Return (or... The Chancellor presented his Autumn Budget last Wednesday. If you listened in other than the extension from 30 days to 60 days for Residential Property Gains it was light on headline grabbing tax announcements but there was still plenty of detail to work through -... On Tuesday 7 September not really by surprise thanks to the press the Government broke two of its manifesto promises. National Insurance Contributions (NIC) will increase by 1.25% for 2022/23 and the state pension 'triple' lock is to be downgraded to a 'double' lock... Employers familiar with the benefit-in-kind tax rules will be aware the tax impact on the employee is much lower for those that choose lower emission cars. From 6 April 2020 new benefit-in-kind percentage bands were introduced which took into account very low-emission... In 2015 George Osborne announced changes to simplify our tax system - the demise of the annual tax return for everyone and to simplify how tax is collected. So where are we now and what can we still expect? Making Tax Digital (MTD) for VAT was introduced in April...
Reporting Coronavirus Job Retention Scheme Grants on your Corporation Tax Return
Outsourced accounting for your business
2021 Tax Return hints and tips for making the most of available tax allowances and reliefs
Pay As You Grow your business post pandemic
Forgotten tax relief – is it too late to make a claim?
Rishi’s second budget of 2021 or was it more of a spending review?
Health and Social Care Levy gets the thumbs up by MPs
Pros and cons of electric company cars
Making Tax Digital – update from CKLG Accountants
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