Latest News
June 2020 – Business Update
There are clear changes in the position with regard to Coronavirus restrictive measures now, which will be very obvious to everyone. Retail stores have been able to open again, which has been a specific recent change of significance. In addition, though, the Government have announced ...
June 2020 – Investing for the Future
The Government encourages individuals to make high-risk investments in small trading companies or charities by providing Income Tax relief for investors in the following schemes (limits for 2019/20):Social Investment Tax Relief (SITR): 30% relief on up to £1 millionEnterprise Investment Scheme (EIS): 30% relief on ...
June 2020 – Planning Gains
Everyone has an annual exemption for Capital Gains Tax (CGT) of £12,000 for 2019/20. This is wasted if you don’t make Capital Gains in the tax year. You can’t carry forward any unused exemption to a different tax year or transfer the exemption to another ...
June 2020 – Timing is Everything
The end of the accounting period for your business is a key point for tax planning. You can save or delay tax by moving income and expenditure between accounting periods. For instance, advancing the acquisition of assets to just within your current accounting period will ...
May 2020 – Clarke Nicklin Business Update
Clarke Nicklin Business Update I hope everyone is still keeping safe and well. We had a flurry of activity in terms of governmental announcements at the start of lockdown in relation to businesses and support packages to businesses, with that having settled down for a ...
May 2020 – SSP Payback Scheme
As of yesterday, small businesses and employers who have paid statutory sick pay (SSP) to staff who have taken coronavirus-related leave can now claim the money back. Applications were announced by Chancellor Rishi Sunak and officially opened on 26th May.If you have fewer than 250 ...
May 2020 – New Promotion for Clarke Nicklin
Clarke Nicklin Chartered Accountants are thrilled to announce the promotion of Senior Manager, Gareth Jones, to Director as part of Clarke Nicklin’s further strengthening of the senior team. Gareth joined the business in 2005 having just graduated with a first class degree in Finance and ...
May 2020 – CBILS and loan bounce back
I hope everyone is keeping safe and well. We are edging closer to the Government issuing guidance over the coming weekend on plans for the easing of Lockdown provisions. My expectation is that this will involve a staged easing, with businesses who can continue to ...
May 2020 – VAT Registation Issues
The VAT registration threshold has been frozen at £85,000 until at least 31 March 2022. This may bring more businesses into the VAT fold if they increase their prices with the rate of inflation.This threshold can be a harsh cliff edge, as once VATable turnover ...
May 2020 – Elect in Good Time
Events don’t always turn out as expected. For example, you may need to wait for a later profit or loss to arise before you can judge whether it’s right to elect to change the tax treatment of an earlier transaction. This is why the law ...
May 2020 – Excited About Electrics
If you are considering acquiring a new company car, take account of the changing tax incentives for electrics.The taxable benefit for having an electric company car is currently calculated at 16% of its list price when new, but from 6 April 2020 the taxable benefit ...
May 2020 – Innovate to Accumulate
Companies that invent new production methods or products can claim enhanced tax relief for the Research and Development (R&D) costs. Small and medium-sized companies can claim 230% of qualifying R&D costs, and a 14.5% payable tax credit if this extra deduction results in a loss!This ...
