Blog
Health and Social Care Levy gets the thumbs up by MPs
On Tuesday 7 September not really by surprise thanks to the press the Government broke two of its manifesto promises. National Insurance Contributions (NIC) will increase by 1.25% for 2022/23 and the state pension 'triple' lock is to be downgraded to a 'double' lock...
What are R&D tax credits and does my company qualify?
R&D Tax Credits reward UK companies for carrying out research and development activities by allowing a deduction equal to 230% of the qualifying development expenditure when calculating profitsand losses. Companies claiming R&D Tax Credits paying Corporation...
Pros and cons of electric company cars
Employers familiar with the benefit-in-kind tax rules will be aware the tax impact on the employee is much lower for those that choose lower emission cars. From 6 April 2020 new benefit-in-kind percentage bands were introduced which took into account very low-emission...
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...
Making Tax Digital – update from CKLG Accountants
In 2015 George Osborne announced changes to simplify our tax system - the demise of the annual tax return for everyone and to simplify how tax is collected. So where are we now and what can we still expect? Making Tax Digital (MTD) for VAT was introduced in April...
Will the new ‘super-deduction’ tempt you to invest in new assets for your business?
Capital allowances effectively take the place of depreciation - an accounting concept which for tax purposes is not an allowable expense. Capital allowances allow you to claim the cost of assets that you intend to keep for use in your business against your profit....
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...
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