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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...
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...
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...
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 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...
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...
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...
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...
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... 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... 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... 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... 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,... 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... 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... 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... 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...
HMRC unveils new VAT registration tool
Tax deductible staff annual events
Wanting to finance a business asset? Should you Lease, Contract Hire or Hire Purchase?
Improving financial processes and business performance with Xero Accounting Technology
Finance options available to small businesses
Highlights from the Chancellor’s speech: What are the implications for tax and compliance?
A step by step approach to supporting small business growth
Reminder: P11D form submission deadline rapidly approaching
Guide to the General Election 2024: Tax implications for your business
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