Many clients will baulk at the fact that they will need to pay payments on account or advanced instalments, as it can seem, particularly in the first year of self assessment, that you pay 150% of your tax liability in the January after the end of the tax year. However, this is simply a mechanism […]
Year: 2021
Making Tax Digital: the current state of play
The Making tax Digital (MTD) journey has been longer and more complicated than originally anticipated, however, when I review where we are now, I can see the progress that’s been made. I thought it might be useful to get a fix on the current state of play and consider what’s next. Making Tax Digital (MTD) […]
Check your HMRC account – time to change your password?
If you have a personal tax account with HMRC, it may be worthwhile checking your account to see if any fraudsters have managed to access your account. As we reported earlier in the year (https://www.cliveowen.com/2021/05/hmrc-delaying-tax-refunds/) HMRC are concerned that criminals are gaining access to tax accounts and submitting tax returns to claim refunds, which are […]
Clive Owen LLP helps the ambitious RAH Group kickstart its growth plans
Chartered accountancy and business advisory firm Clive Owen LLP has supported an ambitious business with a new acquisition. Teesside-based training organisation RAH Group, led by managing director Craig Haley, a former professional footballer, has acquired Edge Services, of York. David Wilson, corporate finance director at Clive Owen LLP, which has more than 100 staff in […]
What does being part of Kreston mean for our clients?
We have been part of Kreston’s journey for now for several years now and during this time we have seen the network grow and flourish. Kreston is now the 11th largest accounting provider in the UK and, incredibly, has over 170 member firms spanning 120 countries. We have also seen the benefits that being part […]
Staff retention – is it time to use an EMI scheme?
As the country lurches from one shortage to another, many of our clients are worried about the shortage of skilled employees and the potential risk that employees will leave for a competitor on better terms and conditions. One method of staff retention (if you are a limited company) may be to make use of the […]
Child benefit and salary changes
The child benefit charge was introduced in 2013, for those individuals with income of over £50,000. The basic idea behind the charge is that if your income is over £50,000, then you will be required to repay some or all of the child benefit received, to HMRC by completing a tax return. Once your income […]
Tax implications of exceeding your pension allowance
Each individual has an annual pension allowance, which is the maximum that can be saved into a pension plan, each tax year and receive tax relief. However, there are tax implications of exceeding the maximum allowance / limit and that limit depends upon the amount of income that you earn. It is important that you […]
KASL Engineering Group Makes Significant Acquisition
Teesside based KASL Engineering Group has acquired specialist engineering design business Ardmore Craig as part of its ambitious growth strategy. The Group’s second engineering acquisition since owner Mike Styan took over in February 2020, it forms part of the KASL Group’s ‘buy and build’ approach. Ardmore Craig is a leading supplier of offshore engineering solutions, […]
HMRC enquiries on the rise – make sure you are covered!
We understand that HMRC are increasing the number of investigations into taxpayers and businesses. It is anticipated that this trend will increase, given that HMRC staff will be re-assigned from working on the furlough scheme, when the scheme ends in the coming months. However, it comes as no surprise that HMRC are scaling up their […]