Blog
Why You Should Use a Bookkeeper and What They Do
If you run a business, managing finances can quickly become overwhelming. From keeping track of expenses to ensuring tax compliance, the responsibilities pile up. This is where a bookkeeper comes in. But what exactly do they do, and why should you hire one? A...
Thinking of making the move to Cloud Accounting?
Cloud accounting software allows you to manage your finances online, giving you instant access to your financial data from anywhere, anytime. Unlike traditional systems tied to a single computer, cloud-based solutions keep everything stored securely in the cloud. You...
Xero – Boosting efficiency with key app integrations
Xero is a cloud-based accounting platform designed to simplify financial management for small and medium-sized businesses. With over 1,000 third-party apps available, Xero offers tools to enhance business operations beyond just accounting. These apps help with...
If you’ve submitted your 2024 Tax Return, please don’t forget to pay your tax bill on 31 January 2025!
…but if you are struggling to pay, did you know that H M Revenue and Customs (HMRC) provide an option to pay monthly under their ‘Time to Pay’ arrangement? Providing you owe less than £30,000 under self-assessment, you might be able to set up a payment plan...
Seven Steps for effective Business Succession Planning
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...
Were you peeling brussels or completing your 2023-24 Tax Return on Christmas morning?
HM Revenue and Customs (HMRC) have revealed that 4,409 people chose Christmas Day to file their 2023-24 Tax Return. In fact, 40,072 taxpayers submitted their Tax Returns over the Christmas break, proving that even amidst the festive cheer there’s always time for a...
Beware of Scams – A warning for Taxpayers
HMRC has warned taxpayers to stay vigilant as the Self Assessment season gets underway. In the past year, nearly 145,000 scam attempts were reported, marking a 16.7% increase from the previous year. Fraudsters often impersonate HMRC, offering fake tax refunds or...
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...
Paying employees early before Christmas
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...
Do you need to register for Self Assessment?
If you know you owe Income Tax on increased amounts of savings income and/or have sold assets realising a chargeable gain on which Capital Gains Tax is payable – it is very likely that you will need to complete a 2024 Tax Return. This will involve registering for...
Will the October budget be “painful”?
The Prime Minister, Sir Keir Starmer, has said that the October budget will be “painful” and the government would be making “big asks” of the country. He said that the country would need to be prepared to “accept short-term pain for long-term good” and that those with...
Should you be thinking about passing on wealth before the budget?
Many individuals are passing on their wealth in anticipation of possible changes to Inheritance Tax (IHT) in Labour’s first Budget on 30 October. Should you consider doing the same? Do you know what the value of your Estate is and your potential IHT exposure under the...
The Chancellor refuses to rule out an increase to Capital Gains Tax
During a recent visit to the US and Canada, Rachel Reeves was asked whether she was considering increasing Capital Gains Tax (CGT). She replied: “We’ve got a budget on October 30 2024 and we will set out our policy then, but it’s always important when you’re deciding...
Furnished Holiday Lettings – The latest update
HM Revenue and Customs (HMRC) have published draft legislation and a policy paper outlining the proposal to abolish the Furnished Holiday Lettings (FHL) tax regime. This was originally announced by the previous government and any hopes that this may be stalled by the...
HMRC catching up on overclaimed Business Asset Disposal Relief
HM Revenue and Customs (HMRC) are writing to taxpayers they suspect may have overclaimed Business Asset Disposal Relief (BADR). BADR, which was formerly known as Entrepreneurs’ Relief, allows business owners to sell or dispose of their business assets or shares in...
It’s the morning after the night before…
…. and, all through the house – many are stirring, even the mice! As predicted, it’s a landslide victory for The Labour Party. The new Parliament will meet next Tuesday to elect a Speaker. The State Opening of Parliament and the King’s Speech will follow...
Guide to the General Election 2024: Tax implications for your business
As a business owner, you’ll likely be wondering how the upcoming general election on 4 July 2024 is likely to affect your business. A new government can mean significant legislative changes and tax upheavals that can impact your business operations and financial...
Tax uncertainties
With the General Election approaching, there are many uncertainties regarding the parties' tax commitments. Labour has announced plans to raise taxes by applying VAT to private school fees, targeting overseas property investors, and reforming the tax system for non-UK...
In our latest Spotlight Report we shine a light on the world of R&D Tax Credits. Designed to encourage businesses to spend more on R&D activities they can provide you with an ‘R&D Tax Credit cash refund’ or reduce your tax bill. It’s worth remembering that... HMRC have created a video to provide advice to Construction Industry Scheme (CIS) subcontractors. The video runs for just over a minute and briefly explains why contractors must provide accurate material costs and encourages contractors to send the correct details... 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... Starting a business is an exciting journey filled with creativity, innovation, and the thrill of bringing an idea to life. However, amidst all the energy and focus on launching a startup, financial management can often take a backseat. This is where the role of an... HM Revenue & Customs has launched a new tool to assist businesses in understanding the implications of VAT registration.Businesses must register for VAT if: Their total taxable turnover exceeds £90,000 over the past 12 months They expect their taxable turnover to... Looking at the weather forecast, with the (hopeful) appearance of some summer weather why not treat your employees to a summer party? An employer may spend up to £150 per head (inclusive of VAT) per year, in providing annual functions and events to entertain its... Imagine this: your business is thriving, and it's time to invest in new equipment or a company vehicle. With numerous financing options available, how do you choose the right one? Let's simplify three popular choices – leasing, contract hire, and hire purchase – to... Hub Digital were struggling to stay on top of their financial data and needed expert assistance with improving financial processes and leveraging Xero Accounting effectively to support their growing business. Our tailored approach and commitment to understanding Hub... For small businesses the path of growth is often blocked by financial constraints. If you aren’t ‘cash rich’ or have a savings bundle to fall back on, being able to expand and invest is difficult, or nearby impossible. Whether it’s investing in new equipment,...
Spotlight on R&D Tax Credits
HMRC’s Construction Industry Scheme Subcontractors Information Video
Tax Adviser vs. Accountant: What’s the Difference?
When does a Startup Company need an Accountant?
HMRC unveils new VAT registration tool
Tax deductible staff annual events
Wanting to finance a business asset? Should you Lease, Contract Hire or Hire Purchase?
Improving financial processes and business performance with Xero Accounting Technology
Finance options available to small businesses
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