Blog
Autumn Statement 2022: The fiscal black hole is huge, inflation is at its highest for 40 years – what next?
This Thursday, the chancellor will deliver the 2022 Autumn Statement and the long awaited economic forecast from the Office for Budget Responsibility (OBR). It is estimated that the black hole in the public finances is c. £40-£50 billion and there is much...
Have you received a nudge letter from HMRC?
HMRC’s Wealthy External Forum is sending letters to individuals registered at Companies House as being ‘Persons of Significant Control’ (PSC). A PSC is someone who holds more than 25% of the shares/voting rights in a company and has the power to influence...
Do you owe tax on Excess Reportable Income (ERI)?
If you have invested in an offshore fund you need to check whether it holds Reporting status or not: If you own an offshore fund and it doesn’t have reporting fund status, income and gains will be taxed at your Income Tax rate – broadly speaking 20%, 40% or...
HMRC Enquiries and our Tax Investigation Service
If HMRC opens an investigation into your tax return it could be triggered for several reasons... a tip off paying the incorrect amount of tax late returns or simply working within a targeted sector to name a few The assumption when you’re selected for a tax...
U-turns or roundabouts! Is this one last roll of the dice for the PM and her team?
The financial and political turmoil over the past few weeks has left the country in tatters. After only 3 days in the job and a long weekend of discussions with the PM, the new chancellor is determined to stabalise markets, and the economy and regain confidence...
The final Call for Making Tax Digital for VAT – Tuesday 1st November
From Tuesday 1 November 2022 businesses will no longer be able to use the existing VAT online account to file monthly or quarterly VAT returns. This is because, by law, all VAT-registered businesses must now be signed up to Making Tax Digital (MTD) and MTD-compatible...
Paying Employers’ PAYE/NI by direct debit
For a long time businesses have been able to pay VAT liabilities by Direct Debit, however, this facility has not been available for PAYE/NI until now. You can set up a Direct Debit payment for PAYE/NI online, through the ‘Pay employer’s PAYE’ page on GOV.UK or...
Making Tax Digital for Income Tax – only 18 months left to comply
Making Tax Digital (MTD) is a government initiative to modernise HMRC’s tax system. The aim of this is to make the whole process of administrating tax simpler and more efficient. All of your tax information will be in one place (your digital account) and you will...
A Catastrophic Turn Of Events – The Mini Budget U Turn
The markets reacted sharply to Chancellor Kwasi’s mini-budget announcements. One of the changes announced has since been re-evaluated and, on 3 October 2022, a U-turn was announced. The Chancellor has confirmed that the 45% tax cut will now not go ahead....
Supporting you and your business from the impact of Coronavirus
The emotional and economic situation we all find ourselves in due to Coronavirus is totally unprecedented. We are all feeling the impact and our thoughts go out to all our clients, contacts, colleagues and their families at this uncertain time. Life, as we knew it, is...
Reaching out to individuals affected by Covid-19
We 're all grappling with the new norm, life as we once knew it has changed exponentially; we 're embracing new technology, flexible working and our children's homework. We may also be quietly worrying about financial matters. The government have announced a number of...
2020 Budget review: Whatever it takes to support the UK Economy
Our new Chancellor has delivered the long-awaited Budget after less than a month in office. Rishi confidently announced measures to address the economic challenge of COVID-19 whilst delivering a budget that provides 'security today' and a 'plan for prosperity'...
Selling a property – New Capital Gains Tax Rules Apply
From 6 April 2020, UK taxpayers will need to report a capital gain and settle the Capital Gains Tax due on the sale or gift of a residential property within 30 days of completion to HMRC. This new reporting requirement applies even if you already complete and file a...
CKLG Accountants painless guide to completing your 2018-19 Tax Return
Thousands of taxpayers filed their Tax Return over the festive period. For those of you who wrapped presents, peeled sprouts and did more than their fair share of the washing up, here are some last minute tips to help you complete your 2018-19 Tax Return. The 31...
Our ever-changing world of political leaders and tax policies …
Its been an eventful year in British politics! Our Prime Minister faces multiple economic challenges in their term of office, from artificial intelligence to climate change and an ageing demographic. It is not just about settling the paralysis of Brexit, changes to...
Unexpected tax implications on separation and divorce
When you are going through a separation or divorce, tax will be the last thing on your mind. However, finding out later that you should have done something earlier will add to your stress. To make matters worse, the date which you work to will be different for...
Investors in People Gold Award for CKLG Accountants
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...
Is a major overhaul of Inheritance Tax (IHT) on its way?
In January 2018, Philip Hammond asked the Office of Tax Simplification to make IHT fairer and easier to understand. Recommendations have now been published and the following will be consulted and debated amongst Treasury ministers. It has been proposed to Introduce a...
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