Jul 2020 – How CJRS is changing from today

1 July – employees can be furloughed for flexible periods with no minimum. 1 August – CJRS will not cover the employer’s NIC or pension contributions. 1 September – CJRS will cover 70% of usual wages capped at £2,187.50 per month, but no employer’s NIC ...
Find out more

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 ...
Find out more

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 ...
Find out more

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 ...
Find out more

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 ...
Find out more

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 ...
Find out more

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 ...
Find out more

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 ...
Find out more

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 ...
Find out more

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 ...
Find out more

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 ...
Find out more

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 ...
Find out more