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Thinking About Your Tax Return?
HM Revenue and Customs (HMRC) has reported that nearly 300,000 people have already filed their 2024/25 Tax Return, just weeks into the new tax year! While the deadline isn’t until 31 January 2026, getting ahead of the game can bring significant advantages. Filing...
Tax Administration measures announced: How will they affect businesses and employers?
James Murray, the Exchequer Secretary to the Treasury, made a Written Ministerial Statement last week that included a number of tax simplification, administration and reform measures. Many are intended to reduce burdens on employers and small businesses, whereas...
Tax Cards for 2025/2026
Find out everything you need to know about the Tax Rates applicable to 2025/2026. From Income Tax Allowances to Vehicle and Fuel, Benefits-in-Kind, UK Company Taxation, Capital Allowances and Inheritance Tax updates. Our 2025/2026 Tax Cards will provide you with...
The start of a new tax year heralds change …
On 26 March 2025, the Chancellor presented her Spring Statement to parliament. Despite a backdrop of low economic growth and increasing government borrowing costs, the Chancellor remains committed to her ‘non-negotiable’ fiscal rules announced last October. ...
Landlords to receive MTD letters
Starting in April, HMRC will begin sending letters to taxpayers impacted by Making Tax Digital (MTD) for Income Tax. The initial phase will target landlords, sole traders, and self-employed individuals with earnings exceeding £50,000 From 6 April 2026, those earning...
Making Tax Digital for Income Tax regime extended to smaller businesses
The Spring Statement confirmed that Making Tax Digital for Income Tax (MTD for IT) will be further extended to bring in sole traders and property landlords from 6 April 2028; with income of £20,000 or more from 2026/27. It has also been confirmed that if you are...
Spring Statement Thoughts…
After listening to Rachel Reeves deliver her punchy Spring Statement, its is obvious that she is determined to bring change and deliver security to the UK. Rachel reiterated that there will only be one major fiscal event in a year and after being on her feet for just...
Planning Ahead for University Costs
Paying for higher education can be one of the largest financial commitments families face. By planning in advance, you can reduce the need for costly borrowing and help your child start adulthood on a strong financial footing. Tuition fees for full-time undergraduate...
CIS – The Smart Approach to Construction Tax
The Construction Industry Scheme (CIS) plays a key role in ensuring proper tax compliance within the construction sector. Under this scheme, contractors deduct a portion of payments made to subcontractors and transfer these deductions to HMRC as advance contributions...
Spread the cost of your Self-Assessment tax bill with HMRC’s Time to Pay
With the holidays and end of the year fast approaching, it’s a good time to plan your finances for the new year. For those who file Self-Assessment tax returns, the prospect of having to make a heavy tax payment at the end of January 2025 may be causing concern. Did...
Let’s focus on succession planning
The Chancellor’s proposals to cap Inheritance tax (IHT) reliefs on 30 October dealt a huge blow to our generational businesses, especially farmers. The proposals still have to pass through parliament and receive royal assent before they become law but, in the...
How to handle a Compliance Check from HMRC
Receiving notice of a personal tax compliance check from HMRC can seem daunting, but with the right preparation, it doesn't have to be overwhelming. In our spotlight guide, we outline what to expect during a compliance check, how to stay organised, and ways to manage...
HMRC to revise late payment rates after Bank of England rate cut
On Thursday 7 November, the Bank of England base rate (Bank Rate) reduced from 5.00% to 4.75%. What does this mean for tax payments? How late payment interest is determined and how will this change HMRC interest rates are set in legislation and are linked to the Bank...
Budget 2024: Inheritance Tax significant changes that will affect us all
We were expecting changes to Inheritance Tax (IHT) but the impact of what has been proposed could be catastrophic for smaller businesses seeking funding to help them grow and the succession plans of established family businesses, especially farmers. Last week,...
2024-25 Self-Assessment Tax Returns: Have you filed yours?
HM Revenue and Customs (HMRC) is reminding taxpayers that the 31 January 2025 deadline for submitting 2024-25 Self-Assessment Tax Returns is fast approaching. Already, over 3.5 million tax returns for 2024/25 have been filed, but HMRC expects more than 12 million to...
Budget 2024: Capital Gains Tax
Whilst the Budget didn’t include as many radical changes to Capital Gains Tax (CGT) as originally anticipated, there are still a few changes that were made which are of particular importance. Rates of CGT The Budget affects the sale of non-residential property for...
Budget 2024: Offshore Trusts going forwards
There were various announcements made at the Budget on 30 October 2024. One of these was the upcoming abolition of the “non-dom” tax regime, which is the biggest change to the taxation of non-UK domiciliaries since 2017. From 6 April 2025, the legal concept of...
The October 2024 Budget – will we end up with more in our pocket?
A commanding performance in the House of Commons by the first ever female Chancellor, Rachel Reeves. A long and consequential Autumn Budget statement which intends to raise taxes by £40billion; the bulk of which will come from raising National Insurance...
Planning for the future of your business is one of the most critical responsibilities of an owner. An effective succession plan will ensure a smooth transition of ownership or leadership, and protects the legacy you've worked hard to build.Failing to plan can lead to... Some employers need to pay their employees earlier than usual in December. This can be for several reasons, such as businesses closing during the festive period and needing to pay workers earlier than normal. As in earlier years HMRC have announced that they have... Budgeting is essential for businesses of all sizes, providing a roadmap for managing resources management, addressing potential challenges, and setting achievable goals. For small and medium-sized enterprises (SMEs), a strong budget can be the key to success rather... The table below sets out the HMRC advisory fuel rates from 1 December 2024. These are the suggested reimbursement rates for employees' private mileage using their company car. Where the employer does not pay for any fuel for the company car, these are the amounts that... HMRC has confirmed that double-cab pickups will be taxed as cars from April 2025, following the latest Budget announcement. This change, outlined in the Budget Red Book, reverses earlier decisions that caused uncertainty over the taxation of these vehicles.... Partnering with a local accountant can offer significant advantages for both individuals and businesses. At CKLG, 60% of our Business Services clients are based in the Cambridgeshire area, with another 20% from neighbouring counties. The CKLG team is dedicated to... If you’re considering a festive treat for your team this Christmas, it’s helpful to keep the guidelines for trivial benefits in mind. Trivial benefits allow businesses to offer tax-free perks to directors and employees, provided certain rules are followed. These perks... A commanding performance in the House of Commons by the first ever female Chancellor, Rachel Reeves. A long and consequential Autumn Budget statement which intends to raise taxes by £40billion; the bulk of which will come from raising National Insurance... There’s a massive black hole to fill which seems to be getting larger. Both the Prime Minister and the Chancellor have already indicated that The October Budget will bring “difficult decisions” but what is the latest? Tax Implications for Employers: While...
Seven Steps for effective Business Succession Planning
Paying employees early before Christmas
Effective Business Budgeting
Advisory fuel rate for company cars
Double-cab pickups to be classed as cars under new HMRC policy
Why use a local accountant?
Christmas Gifts for Staff: Understanding Trivial Benefits
The October 2024 Budget – will we end up with more in our pocket?
The October 2024 budget – what could be in store for us all?
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