Blog
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...
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...
Ben Blowes runs 31 Marathons in 31 days for Tom’s Trust
This year has been a tough year for us all. The Pandemic has ripped through our society affecting our businesses and changing our lives in a way no one could have thought imaginable less than a year ago. When we found out that Guinness World Record holder Ben Blowes...
Lockdown 2: Working from home again
Just as we had all begun to adapt back to life in the office in a similar way to 'old times' but with extra COVID-19 precautions and a lot of hand sanitiser and anti-bacterial wipes we have, as many of our clients have too reverted back to working from home. After...
Keeping on top of your 2020 Tax Return
Its been a strange year for all of us and as much as we would like HMRC to delay the electronic submission deadline of our 2020 Tax Returns on 31 January 2021, this is very unlikely. Time is marching on and as soon as the current lockdown arrangements end, it will...
Reduction to Annual Investment Allowance on expenditure on plant or machinery from January 2020
Annual Investment Allowance Reduction from January 2021 Since 1 April 2008 (Corporation Tax) and 6 April 2008 (Income Tax) most businesses, regardless of size, have been able to claim the Annual Investment Allowance (AIA) on qualifying expenditure on plant or...
The Enterprise Investment Scheme – an alternative source of finance for businesses during challenging times?
Back in 1994, the government set up the Enterprise Investment Scheme (EIS) to encourage wealthy individuals to invest in small, young, unquoted UK companies by offering generous tax reliefs to investors. As always, there are many stringent conditions that both the...
Taxes to consider when moving home
It goes without saying that the Stamp Duty Land Tax holiday announced in July 2020 has certainly fuelled the UK property market for homeowners and property investors alike. Be mindful that if you are disposing of a property that has not always been your home, an...
Get on top of your 2020 Tax Return
With everything that has been going on out there, it could be very easy to forget about the completion of your 2019/20 Tax Return. If, in the period 6 April 2019 to 5 April 2020, you have Received income from property such as a furnished holiday property or a buy to...
Did you receive the Self Employed Income Support Grant in error?
Have you received a The Self-Employed Income Support Scheme (SEISS) grant knowing that you were not entitled to receive it? If you have, notify HMRC by 20 October 2020 at the earliest to avoid having to pay back double the amount you have received! Many business...
Staff Summer Social
Last Friday, we had our annual staff summer social (following all the Government guidelines) and enjoyed a delicious afternoon tea, beautifully prepared by Barleycorn Mildenhall, and a much needed catch up with colleagues. Our afternoon started outside with the sun...
Being part of a supportive and collaborative community is hugely important to us. We love getting involved with local events, interesting businesses, charities and people, and we are also very proud to be able to support our staff in their lives and interests outside... Take time to reflect on your systems and processes; is your business running as efficiently as it should be? Keeping your books can seem daunting but it is an essential part of running your business. Youll want to know how much money you have in the bank, what you are... Never assume you'll pay 10% tax when you sell your company shares or assets used in your business. Capital Gains Tax can be charged at 10%, 18%, 20% or 28% depending on what you are disposing of and your level of income in the tax year the sale occurs. If your... As the clock continues to tick down to the 29 March 2019, when the UK is scheduled to officially leave the EU at 11pm, there is still much uncertainty around what Brexit will mean for UK business. What is certain is that it will bring change for businesses of every... In his Spring Statement the Chancellor said the rejection of Theresa May's deal has left a cloud of uncertainty hanging over our economy; although he later went on to say the UK's economy has so far remained remarkably robust. An improvement in the public finances... Share Schemes Employee shares schemes play an important role in incentivising and retaining valuable employees. Shares can be issued under a formal share scheme, which may be HMRC approved and benefit from tax advantages, or via a more formal arrangement. We can... Selling a business is probably the biggest transaction you will undertake during your life and most will expect to pay Capital Gains Tax (CGT) at the Entrepreneurs Relief (ER) rate of 10% Each sale is structured differently and the consideration could be in different... Many small businesses have been hoping that HMRC would postpone or modify MTD for VAT; alas it is not to be. In 2015, HMRC set out their vision to modernise the tax system. This remains unchanged and MTD should make us more productive and efficient; but do HMRC... Around 1.4 million businesses in the UK employed members of staff in 2018, and all of them shared one thing in common: the legal requirement to run payroll. Payroll management consumes a large amount of time each month, with multiple processes to complete in order to...
Investors in People Gold Award for CKLG Accountants
Is your business running as efficiently as it should be?
Entrepreneurs’ Relief
Preparing businesses for leaving the EU
Is there any certainty over our taxes in our changing world?
Employee Share Schemes and Benefits
Selling a business, have you considered the tax implications?
The House of Lords plea to defer MTD for VAT on 1 April has been rejected
The benefits of outsourcing payroll
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