Blog
Trivial Benefits – Rewarding your employees
Thinking of boosting staff moral with a small gift? Trivial benefits are a great way to reward employees without a tax bill! A gift is classed as a trivial benefit if it costs £50 or less to provide it’s not a voucher that can be exchanged for cash it’s not...
Gifting your home – have you considered the implications?
Gifting property to someone else – especially if it is the home you live in – can be very complicated. There are various tax implications to consider. Inheritance Tax (IHT) and Capital Gains Tax (CGT) are usually the main two direct taxes that you will need to think...
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,...
Can we help you file your 2021 Tax Return earlier?
The last year or so has been challenging for many. Knowing what you owe HMRC sooner rather than later can help you manage your cash flow and provide you with certainty. There are many advantages to filing your tax return early - here are just a few: If you've already...
How can HMRC find out about my rental income?
It's time consuming running a property rental business. There are tenants to find agents fees to manage repairs to organise and insurance to negotiate on top of the book-keeping. Depending on the size of your property business - annual accounts may need to be prepared...
Can I claim Private Residence Relief when selling a property?
Private Residence Relief (PRR) is a generous tax saving. If the conditions are satisfied - it allows you to sell your only (or main) home without having to pay Capital Gains Tax (CGT). The pandemic has resulted in many of us reassessing where we want to live and work...
Has your Furnished Holiday Lettings business been affected by COVID-19?
There are various tax benefits which arise from letting property as a Furnished Holiday Let (FHL). These are outlined in our factsheet below: Furnished Holiday Let Factsheet To qualify as a Furnished Holiday Let your property must be: available for 210+ days per tax...
Will I pay tax when I sell my home?
If you own a property which has always been occupied as your main home it is likely that any capital gain realised on its sale will not be taxable because it is relieved by Private Residence Relief (PRR). If you have not always lived in the property -Private Residence...
Travel restrictions may have unexpected tax consequences due to COVID19
As a result of the travel restrictions imposed by the COVID-19 pandemic many employees have switched to remote working. This has resulted in many workers who are normally internationally mobile unexpectedly spending more time in the UK. The number of days an...
Self-Employed Income Support Scheme (SEISS) Grants: Pre-verification checks
Due to the concern about fraudulent Self-Employed Income Support Scheme (SEISS) grant claims- HMRC are operating a pre-verification process for up to 100,000 taxpayers who may be eligible for the fourth and fifth SEISS grants. Between 8 March to mid-April 2021 HMRC...
The Future of UK Corporation Tax
In the Spring Budget 2021 Chancellor Rishi Sunak announced that the UK's main rate of corporation tax would increase to 25% on profits over £250,000 from April 2023. At the same time a separate small-profits tax rate of 19% will be introduced for profits up to...
Personal Tax Planning for 2021/ 22
With the financial fallout from COVID-19 over the last year being the fiscal equivalent of fighting a war at more than £280 billion we will be paying back that debt for many decades to come. The new tax year looks much the same as the previous 12 months from a...
Many more customers are returning to restaurants to take advantage of the Governments 'Eat Out to Help Out Scheme'.If you have registered for the 'Eat Out to Help Out' scheme, we have put together some useful information below to make sure your business follows the... HMRCs ambition is to bring the UK's tax system into the 21stcentury by transforming the administration of our taxes to make it more efficient, more effective and easier for taxpayers to get it right. At present, businesses above the VAT threshold of £85,000 are... A lot has changed since we were advised to stay home in mid-March. The introduction of the Coronavirus Job Retention Scheme encouraged businesses who were not able to operate (or operate with minimal staff) to furlough staff and claim assistance from the government.... Rishi Sunak announces further measures as part of a 'mini budget' for the next phase to the recovery from coronavirus. The following announcements for businesses were made: VAT cut from 20% down to 5% on supplies of food and non-alcoholic drinks from pubs,... If you missed the opportunity to defer your VAT payments between 20 March 2020 and 30 June 2020, you may be able to claim a refund. Back in March, one of the Government 's responses to support businesses during the Coronavirus pandemic was to defer VAT payments due... As many businesses prepare to re-open after a period of reflection, it's time to welcome and embrace a new world. There has been an intense period of adjustment over the last 11 weeks or so by everyone to ensure businesses survive and staff retain their positions. The... As we enter our 12th week of lockdown, we are reflecting back on the way that we have all had to adapt in this 'new world ' of working from home. As a firm, we were always ahead on the technical aspect of home working, and have already put in place digital accounting... As Britain returns to work, we need to adapt... The Chancellor has announced changes to the Coronavirus Job Retention Scheme (CJRS) to give businesses the flexibility to decide what is right for them. Furloughed workers can return part-time from 1 July 2020 although... For over ten weeks, most of us have been told to stay at home. The lockdown has forced many businesses to grind to a halt and most of us find ourselves faced with extraordinary levels of emotional and financial pressures. We're listening to, and supporting, our...
Eat Out to Help Out scheme guidance for eligible businesses
The Treasury has announced plans to extend the Making Tax Digital (MTD) initiative to more businesses and individuals ….
COVID-19: The Coronavirus Job Retention Scheme
The economic impact of COVID-19: what does it mean for jobs, businesses and tax?
Can I claim a VAT refund for VAT paid during the Coronavirus pandemic?
Coronavirus is changing business: It’s a new world out there what is happening in yours?
CKLG staff working from home during Lockdown
Rishi announces new measures to kick-start our economy.
Coronavirus has changed life for everyone
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