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HMRC has upgraded its computer system to react quickly to changes in taxpayers’ pay and benefits reported through the payroll. We can help you check whether your PAYE code has been amended to deduct more tax than you should be paying. Another bug in the ...
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Where your main income is taxed under PAYE, you may not be asked to complete a tax return each year. Instead, the HMRC computer automatically compares all the reports of your income made by employers and banks, and if you have under or over-paid tax ...
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Research and development (R&D) tax relief allows small and medium-sized companies to claim a tax deduction for 230% of their qualifying R&D costs, but they must show how the total of relevant costs was arrived at. This total of costs claimed can include the salaries ...
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Last year the team at Clarke Nicklin worked hard on fundraising for the childrens charity, When you Wish Upon a Star. From dressing up, fun runs and bake offs, the team raised over £300 for this amazing charity. When You Wish Upon a Star has ...
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Laura Frost joins Clarke Nicklin as our new marketing manager and takes over from Chelsea Maher as she leaves to pursue her travelling dream after nine years with the business. Laura Frost will now head up our marketing department and will be the main contact ...
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VAT is charged at three rates in the UK: 20%, 5% and 0%; so zero is definitely a number for VAT. However, zero-rated sales should not be confused with VAT-exempt sales. Sales which are zero-rated must be included within your business turnover that counts towards ...
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The VAT rules are relatively easy to operate on a day-to-day basis, if all your income is business related and all your sales are subject to VAT. You can reclaim all the VAT incurred on your purchases, and you don’t have to worry about apportioning ...
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Stockport Business Awards 2017 took place at Stockport Town Hall last night and 400 people turned out to celebrate the achievements of the town’s best businesses. The awards were set up by Clarke Nicklin Chartered Accountants back in 2012 and have grown year on year ...
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If your business deals in second-hand goods, it can use a concession that significantly reduces your VAT payments compared to normal VAT accounting. Using this concession you account for the VAT on its profit margin on the second-hand goods, rather than on the full sales ...
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A business that has some income which is exempt from VAT, but also makes sales that are subject to VAT, is referred to as ‘partly exempt’. Input VAT on purchases can only be recovered if it relates to ‘VATable’ sales made by the business, i.e., ...
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After your death your relatives will have to pay inheritance tax (IHT) at 40%, if the net value of your assets exceeds £325,000. A discounted rate of 36% applies if you leave at least 10% of your net estate to charity. Where you leave the ...
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Pension scheme rules are complicated, and they are constantly changing. It is essential that you take advice from a qualified independent financial adviser before drawing funds from your pension scheme, or using those funds to invest in business assets. Before you sign any deals, check ...
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