Straight from the horse’s mouth

Takeaway and delivered food – What VAT?

30th October 2020
A temporary lower VAT rate currently applies to some supplies of food and drink but not others. While this is good news it has caused some confusion. What VAT should you be charging your customers?  Our VAT expert John Craig provides the answers. Temporary VAT rate The government introduced the temporary 5% VAT rate for...
Double cab pick-ups a ‘car’ not a van

Double cab pick-ups a ‘car’ not a van

29th October 2020
HMRC v Coca-Cola (GB) Ltd is a long running case centred on the definition of a company van. This decision matters because company cars are taxed more heavily than company vans that can be used privately. The case concerns double cab pick-ups that have a second row of seats behind the driver. The Court of...

Business Hardship Fund and Business Closure Fund

23rd October 2020
Coronavirus Restrictions Fund – Business Hardship Fund and Business Closure Fund The Scottish Government have created a Business Hardship Fund and a Business Closure Fund to support businesses significantly impacted by COVID-19 restrictions. The fund aim to support some businesses that remain open but are still significantly impacted by the restrictions, including those in the direct supply...

Job Support Scheme

23rd October 2020
Update 23 October 2020 The Job Support Scheme (JSS) has been significantly changed just weeks before its implementation. This scheme is now set to cover not only those businesses that face decreased demand due to COVID but also those that are forced to close by the operation of 2 separate system : JSS Open and...

Self Employed Income Support Scheme Extension

23rd October 2020
Update 23 october 2020 The Self Employed Income Support Scheme is being extended until 30 April 2021. As before this will be paid out in 2 grants, each of which will cover a three month period. The eligibility criteria are slightly different to the earlier incarnation of this scheme. You must: • be currently eligible...
tax

Deferred your tax

5th October 2020
You took advantage of HMRC’s tax deferral schemes for VAT and income tax self-assessment because of coronavirus. But what options are there to pay and when is the best time to do it? Brona MacDougall takes a closer look Naturally, before you pay tax you want to look at your cashflow over the coming months...

Mixed use of a building and VAT

5th October 2020
You own a building that has a ground floor shop and a first floor flat, which you rent out. You opted to tax the property many years ago. But have you been dealing with the VAT correctly and can you save some tax in the future? John Craig provides the answers. Many landlords have opted...

Tax relief for farmers

2nd October 2020
You own and operate a farm, you are many years away from retirement but you would like to know about possible relief from inheritance tax, particularly in relation to your farmhouse. IHT expert Brona MacDougall discusses the key issues. Generally speaking, agricultural property relief (APR) works in a similar way to business property relief (BPR),...

Pay as You Grow

25th September 2020
In anticipation of further cashflow difficulties, Rishi Sunak has tinkered with various loan schemes to allow for more time and greater flexibility in repayment. It has been announced today that the application deadline for all four major COVID loan schemes (Bounce Back Loan Scheme, Coronavirus Business Interruption Loan Scheme, Coronavirus Large Business Interruption Loan Scheme...

VAT and Self Assessment Payment Extensions

24th September 2020
VAT It has been confirmed today that the payment of the suspended VAT quarter (the VAT quarter due in March to June 2020) which was previous due for repayment by end of March 2021 can now be repaid by way of 11 equal instalments over the tax year 2021/2022 in order to avoid businesses suffering...