If your business pays for road fuel, it can recover the VAT element relating to business use. There are different methods for working out the amount reclaimable. Which is the best for your business? Our VAT expert John Craig outlines some options in this article. VAT incurred on the cost of road fuel used by...

You hired a couple of individuals to tidy and clear part of your premises. They’ve completed the job and asked to be paid in cash. The receipt they gave was handwritten on a piece of paper. Might this cause trouble with HMRC? Kenny Logan from the Edinburgh office looks at this in more detail. Employed...

You are the owner/manager of a small company, and you want to buy a new car. What are the different ways of purchasing it and is it more tax efficient to buy the car through the business or pay personally? Naomi Swan advises in this article. You are the sole director shareholder of your company...

From 1 April 2023, companies with profits in excess of £50,000 will see their corporation tax liabilities increase. This also means that relievable expenses will be more valuable, so what can you do to save as much as possible? Kenny Logan from our Edinburgh office explains. New rates From 1 April 2023 a new set...

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...

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...

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...

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...

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...

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...