March 2023

News Posted

Gifts and IHT

10th March 2023
A couple have received conflicting advice about reducing their potential inheritance tax (IHT) liability by making gifts. One view is that they need to survive at least three years from when a gift is made to save IHT. The other advice says they must survive seven. Which view is correct?  Kenny Logan from our Edinburgh...

National Minimum Wage rates for April 2023

9th March 2023
The rates of the National Living Wage (NLW) and National Minimum Wage (NMW) will come into force from April 2023. The rates which will apply from 1 April 2023 are as follows: Rate from April 2023 Annual increase (£) Annual increase (per cent) National Living Wage £10.42 0.92 9.7 21-22 Year Old Rate £10.18 1.00...

Are serial property sales a business?

7th March 2023
The First-tier Tribunal (FTT) recently considered whether money from property sales was trading income or capital gains, and if private residence relief was due. The FTT ruling provides useful guidance on both issues. What’s the full story? CASE Mr Campbell bought and sold four properties in little over five years. He made a substantial profit...

Payrolling benefits for 2023/24

6th March 2023
An organisation is considering whether to start payrolling benefits for the upcoming tax year. What are the key advantages and disadvantages of doing so and how do you go about it?  Head of Payroll, Joanne Gibson explains further. What is payrolling a benefit? When an employee’s taxable benefit (such as private medical insurance or a...

CGT on the sale of a former holiday let

2nd March 2023
You have decided to sell a property that until two years ago was let as holiday accommodation. Since then, you and your family and friends have used it for the occasional weekend. Does the special lower rate of capital gains tax still apply to the gain you make? As you’re probably aware, higher rates of...
company cars

Time to get rid of your old company car?

1st March 2023
If you’re driving an old petrol company car, you and your company could be paying a lot in tax and NI charges. You could purchase a new electric or low emissions car, but is there a cheaper way to cut your tax bill? Tax breaks for electric cars Whilst sales of electrically powered cars hit...