Latest News
June 2018 National Minimum Wage & Directors
The National Minimum Wage (NMW) rates increased for pay periods beginning on and after 1 April 2018. The rate for those aged 25 and over (also called the living wage) rose from £7.50 to £7.83 per hour, an increase of 4.4%. The three other NMW ...
June 2018 – Loans & Interest
Directors and employees sometimes borrow from their company, intending to pay the money back, but the actual repayment gets delayed. This can lead to a benefit in kind tax charge on the individual, and a class 1A NIC charge for the company. These charges can ...
June 2018 – Paying Your Children For Working In Your Business
You can pay your son or daughter from your business, but only if their pay is reasonable for the work that they do for the business. Don’t fall into the trap of paying over the odds for office assistance just because the worker is your ...
May 2018 – Check Your PAYE Code
If you receive a pension or are paid a wage or salary, you should have a new PAYE tax code for 2018/19. It used to be issued in paper form, but now it may arrive electronically if you have activated your personal tax account at ...
May 2018 – Clarke Nicklin Supports New Food & Drink Awards in Stockport This June
We have teamed up with food-focused multi-disciplinary business Foodsync to host the first Stockport Food and Drink Awards on the 20th June. Clarke Nicklin who are organisers and main sponsors of the Stockport Business Awards have been working with Foodsync to support the first Stockport ...
May 2018 – Rent-a-Room Relief
When you let a spare room to a lodger, you are not only creating some extra income for yourself, but you are also increasing the availability of low cost accommodation. This is why the Government allows up to £7,500 of the gross rent you receive ...
May 2018 – Requirement to Correct
New tax law places a requirement on the taxpayer to correct their past tax position in relation to tax due on overseas assets and transactions, rather than on HMRC to discover the facts. If you make the correction on or before 30 September 2018, and ...
May 2018 – Capital Allowances & Cars
The most expensive piece of equipment most small businesses use is a car, but the Government generally doesn’t allow you to claim a deduction for the full cost of a car in the year of purchase. The acquisition cost of most cars must be spread ...
May 2018 – Childcare Support
Tax free childcare accounts can now be opened by all eligible parents who have children aged under 12, or under 17 if the child is disabled. For every £8 the parent deposits in the account, the Government will contribute £2, up to a maximum of ...
May 2018 – HMRC is Not Always Right
It should be reasonable to assume that information published in the name of HMRC on gov.uk would be 100% accurate, but unfortunately it is not. For example, HMRC asserts that every company director must register for self assessment and complete a self assessment tax return ...
Apr 2018 – Charity Partner Announced for 2018 Stockport Business Awards
Over 30 charities across Stockport and Greater Manchester applied for the opportunity to become charity partner for the 2018 Stockport Business Awards, but there could only be one winner and this year’s chosen charity is Signpost Stockport for Carers. The judging panel included the organisers, ...
Apr 2018 – Interesting Savings
All interest paid on accounts other than ISAs is taxable, but banks and building societies no longer have to deduct tax from the interest they pay to you. However, for most taxpayers the rate of tax payable on the interest is 0%, so no tax ...
