Latest News
Jan 2023 – Loans to employees
Employers may provide small or modest loans to individual employees, at low or zero interest, to help with one-off costs such as a car repair, travel season ticket, or perhaps a gas bill. The loan needs to be properly documented with clear repayment terms. Where ...
Jan 2023 – A Change Is Gonna Come
Most unincorporated businesses that do not have a 31 March or 5 April year-end should be considering changing their accounting date before 2024/25, when the new ‘tax year’ basis of assessing profits will be in place. If they do not make such a change, their ...
Dec 2022 – New PAYE schemes
There are circumstances where you may want to run several payrolls and thus several PAYE schemes within a single business. For example, the business may have: Some employees paid weekly or bi-weekly, with others paid monthly Recently merged businesses that have separate payrolls paid at ...
Dec 2022 – Get your Gift Aid claim right
If you pay income tax at 40% or more, you can get some extra tax relief from your charitable donations by ticking the ‘Gift Aid’ box. The additional tax relief, above 20%, can be claimed on your tax return for the year in which the ...
Dec 2022 – Working at home deductions
Many employees who worked at home during the COVID-19 pandemic found they preferred that arrangement to commuting every day. Employers can continue to pay their employees a tax-free allowance of £6 per week (£26 per month) if there is a homeworking arrangement in place with ...
Dec 2022 – Swapping salary for an EV
Taking a company-provided electric car can provide you with some real savings in running costs and road tax. You will be taxed on the benefit of driving the electric car, calculated at 2% of its list price, but this is low compared to company cars ...
Nov 2022 – Autumn Statement 2022
Against a background of rising inflation and a bleak economic outlook the Chancellor of The Exchequer, Jeremy Hunt, today delivered his Autumn Statement with some eye-watering tax rises and spending cuts worth billions of pounds with the aim of repairing the nation’s finances. The main ...
Nov 2022 – Capital gains tax changes on divorce
When couples divorce, there is inevitably some division of assets. Jointly-owned assets may have to be sold, or a share in an asset or business transferred to the ex-partner. These arrangements can take a long time to agree, but currently the Capital Gains Tax (CGT) ...
Nov 2022 – Missing UK property return
If you make a capital gain by selling a residential property in the UK, you need to report that disposal to HMRC twice, on: A UK Property Return (normally online) within 60 days of the completion date; and A Self-assessment tax return (SATR) by 31 ...
Nov 2022 – Declare your state pension correctly
HMRC urges you to declare accurately every figure on your tax return, but the Department for Work and Pensions (DWP), which pays state retirement pensions, doesn’t make this easy. Payers of occupational pensions issue a P60 certificate every year to show exactly what amount of ...
Nov 2022 – Tax uncertainty in an uncertain world
Our new Prime Minister has a lot on his plate. In addition to all the uncertainty caused by high inflation and energy costs, we now have tax uncertainty, as we wait to see exactly what changes the new government will make in Jeremy Hunt’s Autumn ...
Oct 2022 – New Marketing Executive Joins Clarke Nicklin
Clarke Nicklin Chartered Accountants are thrilled to welcome new marketing executive, Georgia Hilton to join the team. Georgia joins the team at an exciting time for the business and will be working on some big projects coming up, as well as supporting head of marketing, ...
