NEWS AND ADVICE2021-08-25T09:17:41+01:00

News and advice by LK & Associates – the latest news affecting you and your business.

2002, 2024

In the news: February 2024

In the news: February 2024 In this month’s news, we look at the potential and pitfalls of tax cuts at the Spring Budget. We also update you on the tax implications of trading in [...]

2002, 2024

Tax year-end planning

Tax Year End Planning  The ideal time to take stock Tax rates and allowances Tax and the family Family companies: assess profit extraction strategy Keep up to date with pension planning opportunities Unincorporated businesses: plan [...]

3101, 2024

In the news: January 2024

In the news January 2024 In this month’s Enews, we look at the upcoming Spring Budget and the latest on the UK economy. We also update you on the latest on off payroll working [...]

2012, 2023

LKA December newsletter

As we come to the end of another rollercoaster of a year, we would like to thank the LKA community of clients, staff and suppliers for your ongoing support. We are all looking forward [...]

1212, 2023

How to reduce inheritance tax (IHT) on financial gifts

Financial gifts can make a huge difference for children and grandchildren, but it is essential to make sure they are tax-efficient from an IHT perspective. This Christmas, some of the best ways to give [...]

1212, 2023

In the news: December 2023

In the news - December 2023 In this month’s Enews we look at what the Chancellor’s Autumn Statement meant for businesses, employees and the self-employed. We also update you on the criticism of HMRC’s Making [...]

1212, 2023

Use of home – expenses

As the impact of Covid19 on the workplace has receded, HMRC have updated their guidance on their rules for making a claim for costs when working from home. Where we have perhaps seen a [...]

1212, 2023

Registering with the ICO

Registering with the ICO - Ensuring Compliance for SMEs Written by Sarah-Jane Butler and Sarah Taylor from Farringford Legal, this article outlines the importance of compliance with data protection laws and why it may [...]

2711, 2023

Facing the Taxman

What to expect when HMRC chooses you for an investigation Many businesses dread getting that brown envelope with "HMRC" written on it. It seems to immediately evoke a sense of apprehension before it's even [...]

2311, 2023

Autumn Budget 2023

The Autumn Budget 2023 - What does it mean for you? On 22 November 2023, Jeremy Hunt delivered the ‘Autumn Statement for Growth’. Against an improving economic backdrop, the Chancellor is keen to stimulate [...]

2211, 2023

In the news – October 2023

In the news - October 2023 In this month’s Enews we look at the upcoming Autumn Statement and the latest data on the UK economy. We also update you on changes to the National Minimum [...]

2211, 2023

In the news – November 2023

In the news - November 2023 In this month’s Enews, we look at the upcoming Autumn Statement and the latest data on the UK economy. We also update you on the self assessment deadline [...]

910, 2023

Accounting excellence awards 2023

LKA are winners! We are thrilled to announce that the LKA team have won the prestigious Small Firm of the Year Award (South of England) at the Accounting Excellence Awards. To win amongst such [...]

1909, 2023

LKA September Newsletter

Our September Newsletter is now available to read. This month we have some exciting news and useful articles to share, including: 🌿 News of our second branch office in Teddington 🌿 LKA announced as [...]

509, 2023

In the news – September 2023

In the news - September 2023 This month’s Enews looks at the latest data on UK inflation and warnings for this winter’s energy bills. We also update you on the government’s new Business Climate [...]

509, 2023

In the news – August 2023

In the news - August 2023 In this month’s Enews we look at the latest news on inflation and the UK economy and the Bank of England’s latest interest rate decision. We also update you [...]

509, 2023

In the news – July 2023

In the news - July 2023 In this month’s Enews we look at HMRC’s extension to the deadline for voluntary NICs and the temporary closure of the self assessment helpline. We also update you on [...]

409, 2023

The 5 Benefits of Using an Outsourced Finance Director

A finance director is a pivotal role in business. They oversee your accounts, address your inefficiencies and work to help you achieve your goals. However, this responsibility comes at a cost. In this article, [...]

409, 2023

Going non-UK resident – busting the myths

In today’s increasingly virtual world, digital nomads and other flexible working arrangements are on the rise. These can be appealing as a way of reducing your tax and national insurance burden. Other countries such [...]

409, 2023

Spreading Your Marketing Risk

Matt Archer-Davis from The Bright Click, one of our trusted business partners, outlines how diversifying your marketing channels can spread your marketing risk and can lead to an increase in your brand growth.After speaking with [...]

409, 2023

Financial Considerations when expanding your business

Are you considering expanding your business in the UK? This is an exciting time for any entrepreneur. However, before you make any decisions, it's crucial to be aware of the financial considerations that come [...]

409, 2023

Understanding the impact of inflation

Understanding the impact of inflation on your business  Inflation is a phenomenon that affects every business, regardless of size or industry, so it is essential that business owners understand how inflation impacts their finances. [...]

2507, 2023

LKA finalists at Accounting Excellence Awards

LKA finalists at the 2023 Accounting Excellence Awards We’re so excited to announce that we’ve been shortlisted for the Accounting Excellence Awards 2023 – Small Firm of the Year (South of England). These prestigious awards [...]

2706, 2023

Thinking about selling your business?

For many business owners, the end goal is to create something valuable that can be sold. This may be to allow the owner to retire, or to pursue other interests or a sale may [...]

1906, 2023

Self-assessment threshold rises to £150,000

Self-assessment threshold for PAYE only income rises to £150,000 HMRC has confirmed that for 2023/24 tax year onwards that those whose only source of income is from PAYE and the total gross amount received [...]

1906, 2023

Furnished Holiday Lets and Inheritance Tax

"When is a “business” not a business? Many people own and operate Furnished Holiday Lets (FHLs) in the UK. There is a myriad of tax advantages from an income tax perspective if your FHL [...]

1906, 2023

Effective cash flow planning

4 key numbers you need to know for effective cash flow planning Running out of cash is one of the biggest reasons that businesses fail. It’s not surprising really, as forecasting your cash flow [...]

1206, 2023

6 tips to maximise profits in today’s market

Here are six little known profit holes With interest rates on the rise and debt becoming more expensive, there has never been a more essential time to take a good look at your overheads [...]

1206, 2023

Strategic business planning

How to make this your best year yet Now is the time to start thinking about your business goals for the year ahead. What do you want to achieve? How can you make this [...]

706, 2023

In the news – June 2023

In the news: June 2023 In this month’s Enews we look at the latest analysis of inflation and a reminder from HMRC on tax refunds. We also update you on record numbers of early self [...]

1503, 2023

Spring Budget 2023

The Spring Budget 2023 - What does it mean for you? The Chancellor has announced his March budget. Similar to the budgets, autumn statements and ‘non-budget’ statements of the last few years we knew [...]

1403, 2023

Endometriosis Action Month

Endometriosis Action Month We are delighted to announce that LKA has become an Endometriosis Friendly Employer. We have signed up to become an Endometriosis Friendly Employer, to help drive positive change in the workplace [...]

603, 2023

In the news: March 2023

In the news: March 2023 In this month’s Enews we look at the new VAT penalties and the latest analysis of inflation. We also update you on what business wants to see from the Spring [...]

2802, 2023

HR Software

Watt about HR software? Claire Watt of Ditton HR, one of our trusted business partners outlines the importance of HR software for business owners in accordance with GDPR regulations. When business owners are making [...]

2802, 2023

Optimum salary 2023/24

Optimum limited company director salary and dividends 2023/24 This Essentials Guide outlines the most tax efficient salary and dividend structure for director/shareholders for the 2023/24 tax year (6th April 2023 to 5th April 2024). [...]

2802, 2023

What you need to know about rising inflation

What you need to know about rising inflation and what it means for your business’s long term health Brexit and Covid combined have led to some unpleasant aftershocks for small businesses. These include staff [...]

2002, 2023

National Insurance Records

Check your national insurance record before 31st July 2023 Those planning to claim the UK state pension are urged to check their national insurance (NI) record before 31st July 2023. Currently, voluntary contributions can [...]

2002, 2023

12 ways to increase profit margins

12 ways to increase profit margins (and thrive in business) Your profit margin is how much money you actually get to walk away with after a transaction is complete (revenue – costs = profit). [...]

2002, 2023

Year end tax planning guide

Year End Tax Planning February 2023 Introduction Planning potential for director-shareholders Planning potential: income tax rates and allowances Planning potential: tax and your family Planning potential: savings and investments Planning potential: capital gains tax [...]

2002, 2023

Answering Your Top 10 Accountancy Questions

Answering Your Top 10 Accountancy Questions As accountants, a lot of our time is spent answering your queries and questions to help ensure you make the best financial decisions for your business. Inevitably after [...]

602, 2023

In the news: February 2023

In the news: February 2023 In this month’s Enews we look at changes to the government’s energy support schemes and the latest analysis of inflation. We also update you on reforms to Research and Development [...]

602, 2023

In the news: January 2023

Enews January 2023 In this month’s Enews we consider the delays to the next stages of Making Tax Digital and the impact of the pandemic on tax compliance. We also update you on the government’s mortgage [...]

612, 2022

How to assess your business performance

When was the last time you did a ‘health check’ on your business? Award-winning Business Growth Specialist, Sanjiv Dodhia brings 30+ years’ experience developing businesses at every stage of growth. From his first business [...]

612, 2022

In the news: December 2022

In the news - December 2022 In this month’s Enews we consider news from the Autumn Statement, household incomes and business forecasts. We also update you with the latest on auto-enrolment and exports. With information [...]

3011, 2022

Christmas parties and staff gifts – a tax guide

Christmas parties and staff gifts – a tax guide With the festive season approaching, we are often asked by our clients about the tax treatment of providing a staff Christmas party or giving gifts [...]

3011, 2022

Tax on company cars

Taxation on Company Cars The company car continues to be an important part of the remuneration package for many employees, despite rises in the taxable benefit rates in recent years. Company cars can impact [...]

3011, 2022

Protect your finances against inflation

Inflation-busting ideas: 6 ways to protect your finances from increased living costs It's safe to say we're all feeling the weight of rising energy costs and the rate of inflation.  Here are 6 ways [...]

3011, 2022

How to make your business recession-proof

How to make your business recession-proof With the headlines full of talk of the recession, this article looks at ways business owners can weather the storm and how to come out of it stronger [...]

1811, 2022

The Autumn Budget

The Autumn Budget - What does it mean for you? The Chancellor announced his Autumn Statement yesterday. We already knew that he was going to raise taxes and reverse most, if not all of the [...]

1810, 2022

Mini Budget 2022 – Update

Reversal of tax cuts The new Chancellor’s statement on 17 October 2022 cancels most of the tax changes that were announced in the mini budget. The Government had already cancelled measures to abolish the [...]

310, 2022

How to guard against payment disputes

6 friendly (yet effective) methods to handle invoice and payment disputes Talking about money is never easy, especially when you’re a small business owner. But, unfortunately, there’s no avoiding it! There will come a [...]

310, 2022

6 Tips for Effective Credit Control

6 Tips for Effective Credit Control Being a business owner comes with many challenges, especially when it concerns money. None more so when interest rates are rising and the economy is in a recession. [...]

310, 2022

8 ways to have the right mindset for growth

8 ways to have the right mindset for growth  The media makes pretty grim reading right now. Open any newspaper and you could be forgiven for thinking that the UK is doomed.  With the [...]

2609, 2022

2022 Mini Budget Overview

Chancellor reveals his plan for growth Chancellor Kwasi Kwarteng used the 2022 Mini Budget to announce measures to help boost UK economic growth. Mr Kwarteng announced a series of tax cuts for businesses and individuals [...]

1509, 2022

Making Tax Digital for VAT

MTD for VAT penalty waiver removed The head of HMRC has written to accountancy firms informing them that the soft landing penalty waiver for Making Tax Digital for VAT will be removed from November. [...]

1309, 2022

10 ways to improve your business cash flow

10 ways to improve your business cash flow For a business to grow sustainably and to successfully make it through the financial bumps in the road, cash flow needs to be a priority. And [...]

1309, 2022

Developments in Employment Law

Developments in Employment Law since Brexit and What’s Next? Farringford Law, one of our trusted business partners, outlines the main developments in Employment Law since the United Kingdom's exit from the European Union and [...]

609, 2022

The Inheritance Tax downside

RISING PROPERTY PRICES? The Inheritance Tax downside Everyone wants to pass on as much of their estate to their loved ones as they possibly can. With appropriate planning you may be able to mitigate [...]

609, 2022

In the news – September 2022

In the news - September 2022 In the news this month we bring you the latest on Making Tax Digital for Income Tax (MTD for IT) and increases to the energy price cap. We [...]

2408, 2022

In the news – August 2022

In the News - August 2022 In the news this month we consider the relaunch of the Recovery Loan Scheme. We also update you on increases to the National Insurance threshold and the IMF’s [...]

1306, 2022

In the news – June 2022

Enews - June 2022 In this month’s Enews we consider the latest news on the cost-of-living crisis with the Chancellor announcing further measures to help families and businesses. We also update you with the latest on the [...]

3105, 2022

Hybrid Working

Hybrid working - what does it mean and what do employers need to consider? Claire Watt, Managing Director at Ditton HR examines the way in which Covid has changed the way that people work [...]

3105, 2022

Dividend Tax Rate Changes

Dividend Tax Rate Changes  Since the recent increase in the dividend tax rate, it may well be worth taking time to re-evaluate your remuneration strategy. This article outlines some of the pros and cons [...]

3105, 2022

US Tax Spotlight

US Tax Spotlight What are the US Tax implications for US Citizens selling their main residence? Nicola Dunn, Senior Tax Advisor & Resident US/UK Tax Specialist at LK & Associates, outlines one of the [...]

3105, 2022

Crezco Online Payments

Crezco Online Payments We are constantly looking at ways to simplify our systems and processes for our clients. We are pleased to announce that we have recently launched an online payment service in association [...]

3105, 2022

In the News

Enews - May 2022 In this month's Enews we consider the latest news on COVID grants for the self-employed. We also update you with the government's energy strategy and plans to regulate cryptocurrency. With [...]

1605, 2022

Tolley’s Tax Awards 2022

And the winner is…. We are very proud to announce that LK & Associates won ‘Best Single Office Tax Practice’ at the prestigious Tolley’s Tax Awards 2022. The past few years have been extremely [...]

2403, 2022

Spring Statement 2022

Spring Statement 2022 Against a backdrop of rising inflation, Chancellor Rishi Sunak presented his first Spring Statement on Wednesday 23 March 2022. In his Spring Statement, the Chancellor announced a cut in fuel [...]

903, 2022

HMRC & cryptoassets

HMRC turn their attention to Cryptoassets Despite the fact that the only current guidance available as to the tax treatment of cryptoassets exists only in HMRC’s internal guidance manual published 30 March 2021, [...]

903, 2022

Key Person Insurance

Key Person Insurance Key Person Insurance is crucial to help keep a business running if a key employee becomes critically ill or dies. Humphries Independent Financial Advisors, one of our trusted business partners [...]

803, 2022

High Income Child Benefit Charges

High Income Child Benefit Charges If you or your partner is a high earner, you may not think you are eligible for child benefit. However, there are some good reasons to still consider [...]

103, 2022

US Tax Return Due?

WE CAN HELP LK & Associates provides specialist, tailored advice on all aspects of US personal tax legislation - helping to remove the stress and to make your US tax filing as simple [...]

1602, 2022

Year End Tax Planning

Year End Tax Planning It is always vital to review your financial goals ahead of the end of the tax year. As your accountants, we can work with you to make sure your [...]

3011, 2021

Pension contributions and their advantages

A look at pension contributions and their advantages by Aida Dragan and Adam Nettleship at Bigmore Associates A pension is one of the most tax efficient ways to save. IFA firm Bigmore Associates, [...]

3011, 2021

Corporation Tax Super Deduction

Corporation Tax Super-Deduction A tax relief you mustn’t miss In the 2021 Spring Budget the UK government announced two new temporary tax reliefs to support the UK economy. The super deduction and special [...]

3011, 2021

Limited Company V’s Sole Trader

Ltd Company v's Sole Trader Every business, no matter how big or small needs a business structure. When starting a business, one of the first decisions will be to decide whether to run your [...]

3011, 2021

Christmas Parties – Tax Rules

Is your company’s Christmas party tax deductible? As a limited company owner, you may feel that the tax system does you few favours. However, the favourable tax treatment of your annual Christmas party [...]

3011, 2021

US Tax Myths

US TAX DOESN’T HAVE TO BE TAXING… Nicola Dunn, Senior Tax Advisor, and resident US/UK Tax Specialist at LK & Associates, outlines the TOP 5 COMMON MISCONCEPTIONS about US Tax. “I am a [...]

2810, 2021

Autumn Budget 2021

Autumn Budget 2021 The Chancellor Rishi Sunak presented his third Budget on 27 October 2021. In his speech he set out the plans to “build back better” with ambitions to level up and [...]

2209, 2021

Social Care Levy

Social Care Levy  The Prime Minister has confirmed the launch of a new social care levy from 2022 which will see almost all taxpayers facing a 1.25% increase in costs – breaking the [...]

609, 2021

Exiting your business

Exiting your business – The importance of forward planning Establishing an exit strategy from your business can start at any time and is an essential element of your long-term financial strategy. Planning allows [...]

609, 2021

Tax on sale of second properties

Tax on sale of second properties – what you need to know If you are considering selling your second home or buy-to-let property, you will need to pay capital gains tax (CGT) on [...]

609, 2021

What happens after the furlough scheme ends?

What happens after the furlough scheme ends? From 1 August 2021 until the scheme ends, the Government’s grant reduced a final time to 60% of furloughed employees’ wages for their unworked hours at [...]

2508, 2021

Charitable Giving

Charitable Giving This Essentials Guide outlines the key points when considering your philanthropy activities. Cash gifts to UK charities Gifts to charities via Gift Aid remain one of the tax favoured options for claiming [...]

1407, 2021

Crypto Assets & Tax – Live Webinar

Crypto Currencies & Tax - Live Webinar On Wednesday 28th July our Head of Tax Robyn Milstead hosted a bitesize webinar detailing the current UK taxation rules for Crypto Currencies. For those of that [...]

1207, 2021

Cryptoassets, Tax and You

Cryptoassets, Tax and You In 2009 the first decentralised cryptocurrency, Bitcoin, was launched and at this point it was a concept widely unknown and badly understood. Now, based on research by the Financial [...]

1706, 2021

Inheritance Tax Planning

Inheritance Tax Planning This Essentials Guide outlines the areas you might consider when reviewing your potential inheritance tax (IHT) exposure. Determine who you wish to benefit from your estate and make a will It [...]

2911, 2018

Is your company’s Christmas party tax deductible?

Customer and staff Christmas Gifts fall into the category of entertaining and as a general rule expenses, incurred by a business in providing entertainment or employee gifts, in connection with a business are [...]

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