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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...
Effective Business Budgeting
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...
Advisory fuel rate for company cars
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...
Double-cab pickups to be classed as cars under new HMRC policy
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....
Why use a local accountant?
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...
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...
Christmas Gifts for Staff: Understanding Trivial Benefits
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...
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: Changes for non-doms
The Chancellor confirmed the abolition of the UK’s current tax regime for non-UK domiciled individuals ("non-doms") in her first Budget on 30 October. The proposals which were put forward by the previous government are largely going to take effect but some...
Did you know that there were some measures announced in the 2024 Spring Budget that didn’t make it?
Before the general election was announced, there was a rush to pass legislation before parliament was dissolved. Consequently, some tax measures announced in the 2024 Spring Budget were not included in the 2024 Finance Bill, which means they are not yet law....
Do you have 2023/24 payroll reporting obligations outstanding?
By now, you should have given all your employees a copy of their 2024 P60s.There are still a handful of additional payroll obligations for 2023/24 to comply with … PAYE Settlement AgreementsIf you’ve not agreed your 2023-24 PAYE settlement agreement on employee...
Commuting costs for hybrid workers
The Covid-19 pandemic fundamentally changed how many employees work and working from home became the norm. Since the pandemic, many employees have partially returned to the office – their working week being split with some days spent in the office and some...
Stealth Tax Raid
A couple of years ago, the chancellor told us that the level at which we’d pay Income Tax would be frozen at £12,570 until April 2028 thus dragging more and more individuals into paying tax. Alongside this we have seen: State pensions increasing in...
Spotlight on Personal Tax Planning
As we step into the 2024/ 2025 tax year, it's time to take a proactive approach to managing your personal finances. Whether you are navigating the complexities of income tax, considering investment opportunities or planning for your future, understanding the...
Understanding Taxes Payable When Someone Dies
Coping with the loss of a loved one is always challenging. Amidst the whirlwind of emotions, managing financial matters is very daunting especially when dealing with estate administration and the payment of various taxes. If you are called upon to be an executor,...
I’ve heard of ‘Tax Administration and Maintenance Day’ but what really happens?
18 April is branded as ‘Tax Administration and Maintenance Day’, where the government showcase their plans for the coming year. This year it was all about streamlining, modernising, and addressing non-compliance and tax avoidance. Two schemes that are set to get...
Making Tax Digital: The latest news
It's imperative that businesses and property landlords stay abreast of changes in tax reporting requirements, especially with initiatives like Making Tax Digital (MTD) on the horizon. MTD aims to modernise and streamline the tax system by digitising tax reporting and...
Understanding the changes to Furnished Holiday Lettings (FHLs)
The changes to furnished holiday lettings (FHLs) announced in the Spring Budget last month are significant and could have a considerable impact. FHLs enjoy a number of enhanced tax relief rules, but these will be abolished from April 6, 2025. This means that...
The new Chancellor of the Exchequer, Rachel Reeves, delivered her first speech as Chancellor last week outlining her plans for revitalising the UK economy. While her speech was inevitably political and included criticism for the previous government while emphasising... Are you a small business owner who is pondering the move to cloud computing? Do you need help understanding how to best manage your cash flow or where to look for additional funding opportunities? Or maybe you are just trying to understand the complex world of tax... The deadline – 6 July – for reporting expenses and benefits to HM Revenue & Customs (HMRC) is rapidly approaching. It's important for all employers to understand their responsibilities regarding this crucial tax form. Whether you're a seasoned business owner or... 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... Vicky joined the CKLG team in May 2018 and in her words has “enjoyed six very fulfilling years” with the Business Services team. Her role as Senior Accounts Executive involves bookkeeping, VAT returns, management accounts, year-end statutory accounts, and corporation... Before the general election was announced, there was a rush to pass legislation before parliament was dissolved. Consequently, some tax measures announced in the 2024 Spring Budget were not included in the 2024 Finance Bill, which means they are not yet law.... By now, you should have given all your employees a copy of their 2024 P60s.There are still a handful of additional payroll obligations for 2023/24 to comply with … PAYE Settlement AgreementsIf you’ve not agreed your 2023-24 PAYE settlement agreement on employee... Getting into good financial habits is sensible, but sometimes making those strategic money decisions can be overwhelming. Here’s our five-step guide to a healthy financial wellbeing. Budget EffectivelyIf you set yourself an effective budget you can control your... With rising living costs and the easy availability of credit, it can be easy to fall into debt. There are some practical and effective strategies that you can use to manage your debt, if you find yourself overwhelmed with money worries. So, whether you are dealing...
Highlights from the Chancellor’s speech: What are the implications for tax and compliance?
A step by step approach to supporting small business growth
Reminder: P11D form submission deadline rapidly approaching
Guide to the General Election 2024: Tax implications for your business
Meet Vicky: A Senior Accountants Executive with a community passion
Did you know that there were some measures announced in the 2024 Spring Budget that didn’t make it?
Do you have 2023/24 payroll reporting obligations outstanding?
Maintaining Financial Health
Practical and Effective Steps to Manage Debt
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