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Making Tax Digital for Income Tax
With just over a year to go before Making Tax Digital for Income Tax (MTD for IT) is mandated, now is the ideal time to assess whether your business will need to comply with the new regulations starting 6 April 2026. If you are a sole trader or run an unincorporated...
Lower interest rates for those owing HMRC
Following the Bank of England’s base rate cut to 4.5% on 6 February, HMRC lowered its late payment and repayment interest rates from 25 February. The late payment interest rate dropped from 7.25% to 7.0%, while the repayment interest rate decreased from 3.75% to 3.5%....
How taxing will 2025 be?
As the new year begins planning is essential especially with the current tax year ending on 5 April 2025. The effects of announcements made last October are still to be seen. Although Rachel Reeve’s Spring Forecast on 26 March 2025 isn't a fiscal event, it might still...
The Tax Treatment of Joint Property Income
The taxation of joint property income depends on the relationship between the individuals holding the income-generating asset. It is important to note that it is necessary to look at the beneficial ownership (not the legal ownership) for tax purposes. It is possible...
Should you be paying tax on your side hustle?
Conventional approaches to work and earning an income are changing and with the cost of living rising, many of us now use various ways to make some extra cash outside of their main job. Do you need to pay tax on these earnings? Our guidance below looks at five...
Navigating HMRC Payroll Year-End for Small Business Owners
As a small business owner, your payroll year-end is a crucial time to finalise payroll records for the tax year. It's all about reporting your total payments and deductions to HMRC, ensuring everything is squared away before stepping into a new tax year. Key Steps to...
Would you benefit from a top up contribution to your State Pension?
HM Revenue and Customs (HMRC) have revealed that 37,000 people have plugged gaps in their National Insurance (NI) record since last April, boosting the amount of State Pension they will receive when they reach retirement age. The amount of State Pension you will...
Secure Your Time To Pay Arrangement with HMRC
Paying tax can result in financial difficulties, particularly where cash flow can be a problem. HMRC therefore offer ‘Time To Pay (TTP)’ arrangements, where the liabilities are paid in agreed instalments over a set period. It is important to note that interest does...
Refresh Your Business Goals
Is your business on the right path for 2025? Have you recently evaluated your performance and future direction? Managing a business often involves dealing with urgent tasks, making it easy to lose sight of bigger objectives. That’s why it’s essential to carve out time...
The October 2024 budget – what could be in store for us all?
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...
CKLG Social Impact: Our Commitment to the Community: Supporting Local Charities and Groups
At CKLG, one of our core values is to support charities and local groups. We are proud to support charities and not-for-profit causes, especially those linked to our incredible team. Our employees are not only talented tax and accounting specialists, but they are also...
What do those letters after an Accountants name mean?
Accountants and Tax Advisors will have a variety of 3 and 4 letter acronyms after their name to indicate their professional qualifications, certifications and memberships of accounting organisations. The designations signify that the individual has met certain...
Crypto investors urged to review tax obligations
The Chartered Institute of Taxation (CIOT) has emphasised the importance of accurate and timely tax reporting for all crypto-asset owners. UK crypto investors are urged to review their tax responsibilities as HMRC begins issuing “nudge letters” to those it suspects...
Will Pension Tax Reliefs change in the October Budget?
It was only last April when we saw the abolition of the lifetime allowance charge. There was also a significant increase in the pension annual allowance from £40,000 to £60,000 a year. Since then, Rachel Reeves has commented on Pension Tax Reliefs being...
Spotlight on Tax-efficient giving
Tax-efficient giving during your lifetime is a crucial component of estate planning, helping to minimize your potential inheritance tax (IHT) liabilities by benefiting your loved ones. By strategically using available allowances and exemptions during your lifetime,...
Will the October Budget see a change in Capital Gains Tax rates and reliefs?
Capital Gains Tax (CGT) was established in 1965 by the Labour Chancellor in response to rising property values and investments after World War II, which had previously gone untaxed upon sale. Initially set at 30% in the 1980s, CGT rates were aligned with Income Tax...
Get ahead of the Game: Submit Your 2024 Self-Assessment Tax Return early!
Gathering together all the information you need to complete your Tax Return can be stressful, especially as you’ll find yourself scrambling around to gather documents from April 2023 to April 2024. By submitting your Tax Return earlier than its usual due...
Tax Adviser vs. Accountant: What’s the Difference?
At CKLG, we offer the best of both worlds. Our Business Services Team provide expert accounting services, while our Tax team specialise in tax advice. Although the roles of an accountant and a tax adviser often overlap, they serve distinct purposes when it comes to...
Xero is a leading cloud-based accounting platform designed to simplify financial management for small and medium-sized businesses. Known for its user-friendly interface, flexibility, and robust integrations, Xero allows companies to streamline operations beyond... At CKLG, one of our core values is to support charities and local groups. We are proud to support charities and not-for-profit causes, especially those linked to our incredible team. Our employees are not only talented tax and accounting specialists, but they are also... Choosing the right accounting software can be a challenge, as each business has its own unique processes for managing customers. With over two decades of experience working with businesses of all sizes, we understand that the right finance software can significantly... Accountants and Tax Advisors will have a variety of 3 and 4 letter acronyms after their name to indicate their professional qualifications, certifications and memberships of accounting organisations. The designations signify that the individual has met certain... One of the most crucial decisions you'll make when starting a business is choosing the right structure. This choice impacts everything from your tax responsibilities to your level of personal liability, and even how you can secure funding. If you're considering... HM Revenue and Customs (HMRC) has issued a reminder for individuals to review their National Insurance (NI) record to ensure they’re not missing out on valuable State Pension entitlements. This is especially important if there are gaps in your NI history. The issue... If you are running your own business, are you open to change? A business that is quick to accept change and adapt to market conditions, is one that is more likely to thrive. Change is inevitable but how you respond and manage change is key. There are some basic... From 1 October 2024, the Employment (Allocation of Tips) Act 2023 will come into effect. The legislation mandates that employers must ensure workers receive the entirety of any tips left by customers. The new law requires businesses to distribute all discretionary... With the retirement of their previous accountant and their internal Financial Director at the same time, Touch of Ginger (TOG) found themselves with a potentially large gap in the finance function of their business that needed to be rectified quickly to ensure the...
Xero – Enhancing Business Efficiency Through Five Key App Integrations
CKLG Social Impact: Our Commitment to the Community: Supporting Local Charities and Groups
Looking for the right accounting software to support your business?
What do those letters after an Accountants name mean?
Thinking About Starting a Business?
Don’t Miss Out on Your Full State Pension: Check Your National Insurance Record
ABC…Accepting Business Change
New Tipping Rules – Are You Ready?
Providing a helping hand to finance functions
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