Latest News
June 2022 – Registering foreign owned properties
Owning UK property through overseas entities is about to become a far more transparent affair. Companies, trusts, partnerships and similar entities, which own UK property and are governed by the law of a country outside of the UK, will soon have to register with Companies ...
June 2022 – Taxing cryptocurrencies
There is currently no specific law that determines how cryptoassets (bitcoin and similar) and decentralised finance (DeFi) transactions should be taxed, but that doesn’t mean any profit made is tax-free. It is subject to tax either as sundry income or as a capital gain. HMRC ...
June 2022 – Back To The Future?
It is a tough time for both families and businesses, with higher prices and staff shortages causing difficulties that are witnessed every day, from supermarkets to airports. Those under fifty will struggle to remember such difficult economic times, with inflation at a 40-year high. On ...
May 2022 – New Rules for Holiday Lettings
Some owners of holiday homes pay no council tax or business rates for their property, as they register the property as business premises then claim small business rates relief (SBRR) to reduce the business rates bill to nil. An assessment for business rates will always ...
May 2022 – Gift Aid records
Many people make charitable donations around religious festivals and holidays. If this is your habit, remember that ticking the Gift Aid box on the form when making the donation is a win-win for you and the charity. You can benefit from higher rate tax relief ...
May 2022 – Disposal of Unlisted Shares
The share transactions of private companies are just that – private. They do not have to be declared to HMRC, unless a taxable capital gain or loss arises. However, company law requires the company to record at Companies House the names of people who hold ...
May 2022 – Interest on Tax Paid Late
If your business struggled during the pandemic, you may have tax still outstanding from 2019/20 due to having little or no income from your trade in 2020/21. All outstanding tax now carries interest at 2.75%. Where the tax has been outstanding for more than six ...
Apr 2022 – Use Your Basic Rate Band
Use your basic rate band Rates of dividend tax and National Insurance Contributions (NIC) are both due to increase from 6 April 2022 by 1.25 percentage points. The main rate of Class 1 employees’ NIC will increase from 12% to 13.25% and the basic rate ...
Apr – New Tax Manager for Clarke Nicklin
Clarke Nicklin Chartered Accountants are delighted to announce their newest addition to the accounts team, Tax Manager, John Crawford. John joins the Clarke Nicklin team as a member of the Association of Taxation Technicians (ATT) and is also a Chartered Tax Adviser (CTA). He was ...
Apr 2022 – New Starters for Clarke Nicklin
Clarke Nicklin Chartered Accountants are continuing to grow further after appointing 4 new starters within the past 6 months to work in different departments, including Accounts, Audit & Reception. Our first new starter joined us late last year, Practice and Compliance Manager, Beverley Richardson. Certified ...
Apr 2022 – Change To Tax Year Basis
Change to “tax year basis” The Government is determined to change the way that trading profits are reported for tax purposes. Not only is it introducing digital recording and reporting in the form of Making Tax Digital for Income Tax Self Assessment (MTD ITSA), but ...
Apr 2022 – MTD Compulsory for VAT
MTD compulsory for VAT If you are VAT-registered and not yet filing your VAT returns using MTD compatible software, we need to talk. All businesses that are voluntarily registered for VAT (turnover under £85,000) need to comply with the MTD (Making Tax Digital) regime from ...
