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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 ...

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 ...

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 ...

New mileage rates The price of road fuel has increased significantly in the last few months and HMRC has responded by raising all of the advisory fuel mileage rates for company cars from 1 December 2021. Where the employee pays for the fuel in their ...

The Chancellor of the Exchequer, Rishi Sunak, delivered his Spring Statement on Wednesday 23 March 2022. In this early edition of our April newsletter we outline the key measures affecting our clients. National Insurance Contributions (NICs) Despite lobbying to delay the upcoming 1.25% increase in ...

Join us for a morning of complimentary breakfast, networking, and a discussion of key topics in business on the 31st March from 8am-10am. This month's topic is: How to reach our customers in an evolving market with an omni channel approach Succession Planning is key ...

Excited about electrics The taxable benefit for having the private use of an electric company car is currently just 1% of list price. From 6 April 2022 the taxable benefit will rise to 2% of list price; it will then be fixed at that level ...

Making Tax Digital (MTD) For VAT periods beginning on or after 1 April 2022, it will be compulsory to keep your VAT records in a digital format and to file all your VAT returns using MTD-compatible software. We can help you with this if you ...

Prepare for higher dividend tax To balance the increase in NIC payable on salaries and self-employed profits, the tax you pay on dividends will also increase by 1.25 percentage points from 6 April 2022. The dividend allowance has been frozen at £2,000; you pay zero ...

Benefits-in-kind Many employees were required to work at home in 2021. Their employers may have helped facilitate this by providing equipment or paying to boost their home internet service. Generally, these costs are not taxable on the employee if there is no significant private use ...

Taxes and wages are rising Last autumn, the Chancellor announced that the rates of most classes of National Insurance Contributions (NIC) would temporarily increase by 1.25 percentage points for the year starting 6 April 2022, in order to raise funds for the NHS and social ...

R&D tax breaks Companies that invent new production methods or products can claim enhanced tax relief for the Research and Development (R&D) costs. Small and medium-sized companies can claim 230% of qualifying R&D costs and a 14.5% payable tax credit if this extra deduction results ...