Blog
The top 5 reasons to prepare a budget for your business
Business Budgets & Reforecasting There are many reasons why a business needs a budget and a plan for the current year of your business, here we have listed the top 5 reasons. 1. Providing a Focus for the Business Defining business targets to work towards helps to...
What is your business’s strategic plan for 2023?
2023 – A year for resilience? In 2022, despite the troubles with the economy, we have been amazed at the resilience of our clients and how they have energetically moved their businesses into new areas, products and services. Many of our clients have redesigned...
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...
Reflecting on a year with CKLG’s Business Team
Step back in time with us as we reflect on a year with our business services team… It has been a turbulent year trying to get back to normality after Covid. It has been great to get back in front of clients again, holding lots of face-to-face client meetings...
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...
2022 Self-Assessment Tax Return: Don’t forget to declare COVID-19 payments!
HMRC is reminding taxpayers that they must declare COVID-19 payments in their Tax Return for the year ended 5 April 2022. These grants are taxable and should be included in your 2022 Tax Return before it is filed on 31 January 2023. The Self-Employment Income Support...
A little help during difficult times? The benefits of a gift card over cash
If you decide to give an employee a £50 cash bonus to help with the rising costs of living or a treat for the festive period, by the time this has been grossed up for Tax and National Insurance (NI), it will cost the company £83.68 for a basic rate taxpayer and £98.10...
The 2022 Autumn Statement Commentary and Analysis
What a grim and gloomy morning; not least because – as I listen to Jeremy Hunt deliver the Autumn Statement – the rain is pounding against my windows. Jeremy is hopeful that their balanced plan will lead to a ‘shallower...
New Reverse Charge VAT rules for the Construction Industry effective March 2021
Delayed again. The Government have announced that the new reverse charge VAT rules for the construction industry will now take effect on 1 March 2021. The reverse charge rule effects the way in which VAT is collected. Instead of charging VAT on sales invoices and...
Coronavirus – Have you been working from home?
Since Mid-March 2020, working from home has become the new norm for some employees. As a result, utility bills have increased and you may havehad to purchaseadditional office equipment. If your employer is insisting on you working from home to keep everyone safe...
Second grant to help the self-employed during Covid-19
Self-Employment Income Support Scheme (SEISS); Second grant to help self-employed business owners affected by Covid-19 As we take steps to ease out of lockdown, COVID-19 continues to have a large impact on many businesses. However, there is good news for some...
Residential property tax update
A temporary reduction in Stamp Duty Land Tax (SDLT, saving up to £15,000 on new property purchases which complete between now and 31 March 2021, is welcomed after little activity this spring. Thereafter, the pre 8 July 2020 SDLT rates will be reinstated and it has...
Your Wills and the future of Inheritance Tax
Does your Will reflect your current wishes and maximise current Inheritance Tax (IHT) reliefs and exemptions available? The Office of Tax Simplification and The All-Party Parliamentary Group for Inheritance and Intergenerational Fairness are calling for a shake-up of...
CKLG staff working from home during Lockdown
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...
Coronavirus has changed life for everyone
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...
The Coronavirus Job Retention Scheme Portal is now live and The Chancellor extends the scheme to 30 June 2020
HMRC have announced that the portal to enable employers to reclaim the 80% of wages (and associated costs) for furloughed employees will be operational from 20th April. This should help ensure that the majority of businesses have the funds, in their account, to enable...
HMRCs new 30 day UK property disposal on line service is now live!
HMRC are proceeding with their new 30 day Capital Gains Tax (CGT) reporting service, despite requests by professionals to delay. Broadly speaking, if you exchange contracts after 5 April 2020 to sell (or gift) a residential property that has not been used solely as...
The vast majority of VAT registered businesses with turnover exceeding £85,000 should be ‘Making Tax Digital’ from 1 April 2019, despite a call from The House of Lords and professional bodies to postpone. MTD will apply from the first VAT period starting on or after 1... The risks of a tax investigation Will HMRC come knocking on your door? It’s a fact – humans are bad at assessing risk. We’re terrified of things that rarely happen (plane crashes, power station meltdowns) but we're relatively relaxed about things that are... Small businesses are an essential component of the UK economy and accounted for 99.3% of all private sector businesses in 2018. The Government wants to encourage investment in this vital part of the economy and offers tax relief on certain kinds of investment. While... It is never too early to start planning for the succession of your family business, maybe one child will leave the nest to follow their dreams and return to the family business with valuable practical business experience whilst others would prefer to have a distant...
Update on Making Tax Digital for VAT
HMRC Tax Investigations – why take the chance?
Investing in Small Businesses
Succession planning, have you considered the tax implications?
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