• Potential Pension Changes in October Budget

    Changes to pension tax relief seems to be top of the list of possible changes in the Budget and could yield more tax revenues than changes to CGT and IHT combined. As recently as 6 April 2023, we saw the abolition of the lifetime allowance charge and a significant increase in the pension annual allowance [...]

  • Should You Pass On Wealth to Avoid Inheritance Tax?

    Many wealthy individuals are apparently passing on substantial amounts of their wealth in anticipation of possible changes to inheritance tax (IHT) in Labour’s first Budget on 30 October. This allegedly includes a number of high-profile individuals such as TV presenter Anne Robinson who confirmed that she had passed on £50 million to her children and [...]

  • Be Wary of the 60% Income Tax Trap

    It has recently been reported over half a million taxpayers paid a marginal income tax rate of 60% in 2022/23, up by 23% from the number in 2021/22. This marginal rate applies where an individual’s adjusted net income falls between £100,000 and £125,140, where every £2 income over £100,000 reduces the £12,570 personal allowance by [...]

  • Should Directors/Shareholders Take Advantage of 2.25% Interest?

    HMRC OFFICIAL RATE OF INTEREST REMAINS AT 2.25% HMRC have announced that the official rate of interest will remain at 2.25% for 2024/25, despite the Bank of England Base Rate currently standing at 5.25%. The official rate of interest is used to calculate the income tax charge on the benefit of employment related loans and [...]

  • Investing In An Unquoted Trading Company

    If you are considering lending money to, or subscribing for shares in, an unquoted trading company then, like many investments, there is always a risk that you may lose your money. However, there is potentially tax relief for the lender if the loan meets certain conditions, in particular the money lent is used by the [...]

  • Changes To Furnished Holiday Lettings From April 2025

    As announced in the Spring Budget, the beneficial tax treatment of furnished holiday lettings (FHLs) will be abolished from 6 April 2025, when the business will start being taxed in the same way as other residential property businesses. Owners of properties that currently qualify as FHL might wish to consider increasing their expenditure on equipment [...]

  • March 2024 Budget Breakdown

    On 6 March 2024, Chancellor Jeremy Hunt presented his Spring Budget to Parliament. In the knowledge that the government must hold a general election before 28 January 2025, this was a Budget designed to restore confidence and win voters. But on the heels of Britain entering a recession and downgraded Office for Budget Responsibility (OBR) [...]

  • Jan 2023 – CNFP Strengthens Team with Multiple Senior Promotions

    As part of the ongoing development of the firm, Clarke Nicklin Financial Planning have made some significant changes to the team. Christian Evans who has been managing the CNFP team for over 10 years has now moved into the role of Director for the business. Chris has over 20 years in the Financial Services industry [...]

  • 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 pension has been paid and taxed during the tax year, [...]

  • Oct 2022 – New Graduate Trainee for CNFP

    Clarke Nicklin Financial Planning is delighted to welcome new graduate trainee Amelia Herbert to the team. Amelia joins the team straight from college, with a level 3 in financial studies and is looking to progress her career further in financial services. Amelia Commented, "I’m very excited about starting at CNFP and working towards getting my [...]