Straight from the horse’s mouth

Vacancy – Experienced Accounts Staff

13th February 2024
Required due to continued growth JRW are recruiting Experienced Accounts Staff to assist primarily with accounts preparation for limited companies, sole traders and partnerships. Previous experience of professional accounts production software and procedures essential. Experience of Iris accounts production software an advantage. A team player with excellent interpersonal, time management and organisational skills combined with...

Get ready for changes to UK company law

2nd February 2024
“Companies House is an executive agency of the Department for Business and Trade. We incorporate and dissolve limited companies. We register company information and make it available to the public. We are approaching a pivotal moment in our history. The Economic Crime and Corporate Transparency (ECCT) Act will fundamentally change our role and our purpose...

Extracting income where IR35 applies

2nd February 2024
If the work that you do through your company is caught by the IR35 off-payroll rules, PAYE tax and NI must be accounted for even where you extract the income as a dividend. This can result in a double tax charge. How can you prevent this?  Partner Joanne Gibson looks at this below. PAYE tax...

The tax implications of writing off a loan

31st January 2024
The Managing Director of a company, who is also the main shareholder, has given loans of £25,000 to the company to support it through the economic downturn. The company’s losses for the latest year end are £30,000. As the director’s loan is currently showing as a liability, the director is considering writing it off to...

How to provide uniforms tax efficiently

31st January 2024
You pay a clothing allowance to your customer-facing staff and your business pays their PAYE tax and NI. You are considering providing the clothing direct as you recently read that it’s more tax efficient than paying an allowance. Is this correct?  Naomi Swan discusses below. Cash allowance versus reimbursed expense Generally, if you pay one...

The gift of capital allowances

30th January 2024
You received a new laptop for Christmas which you will use for work. Even though it cost you nothing, can you claim a tax deduction in respect of the business use?  Kenny Logan from our Edinburgh office provides the answer below. A gift with extra benefit It’s nice to receive gifts and apart from thanking...

Is there tax on your side-hustle?

15th January 2024
HMRC is getting better at detecting and penalising people who make extra income but don’t declare it. With that in mind if you have a small side venture to make some extra cash, is it always necessary to declare it to HMRC?  Audrey Rankine outlines the details in this article. Naturally, HMRC is interested in...

What do the NI rate cuts mean for you?

15th January 2024
What do the NI rate cut changes mean for both the employed and the self-employed? And what action do you need to take, if any?  Natasha Crockatt from our Payroll team explains below. Classes 2 & 4 currently The self-employed currently pay two classes of NI contributions – Class 2 and Class 4. Class 2...

Group registration and leasing cars

10th January 2024
Your business is registered as a VAT group and is partially exempt. All cars are leased through one group member that only has taxable income. How much input tax can you claim on the leasing payments and what other issues must you consider?  Associate, Bob Johnstone from our Galashiels office explains in this article. Even...

Under-radar changes to be aware of

9th January 2024
The National Insurance cuts in the 2023 Autumn Statement grabbed the headlines, but there were a number of other changes also announced. What were the most important to be aware of?  Naomi Swan outlines the changes in this article. Self-assessment The criteria to be met for an individual to fall within self-assessment have been changed....