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Grant funding for Brexit costs

18th September 2019
HMRC has announced that a £16m fund has been made available from which businesses can claim grants to cover certain costs associated with Brexit. On 31st October 2019 the UK will leave the European Union. Businesses will have to apply the same customs rules to goods moving between the EU and UK as they would...

VAT: deferral of new reverse charge for the construction industry

17th September 2019
IMPORTANT ANNOUNCEMENT FOR ALL BUSINESSES REGISTERED FOR VAT IN THE CONSTRUCTION INDUSTRY The date on which the new reverse charge was to come into force in the construction industry has been deferred by a year until 1 October 2020. Explanation of the change Industry representatives have raised concerns that some businesses in the construction sector...

Plans to accelerate capital gains tax

4th September 2019
Major changes to the tax regime for gains made from the sale of residential property will take effect from April 2020. They will affect how and when you’re required to report and pay capital gains tax. What’s the full story? Brona MacDougall finds out. Current CGT deadlines Currently, capital gains made by individuals are reported...

September Questions and Answers

3rd September 2019
Can we submit monthly VAT returns? Q. We struggle to pay our quarterly VAT returns on time because we use the VAT money for other business expenses before it becomes due. Would HMRC allow us to complete monthly returns to help our cash flow? A. Unfortunately not. A business can only submit monthly returns if...

How can a quick dividend be legally paid?

2nd September 2019
You’re one of three directors of a company which usually pays dividends once a year but one of the directors needs the money urgently. The trouble is that two of the directors are out of the UK, so how can a dividend legally be paid? Bob Johnstone provides the answers. What kind of dividend? Dividends...

Buying a property through a limited company?

16th August 2019
There is currently a huge shift towards buying property within companies and according to recent figures, up to 80% of new buy to let mortgage applications are now for limited companies. Until 2015, there was no compelling need for most people to make this choice and mortgages for companies were much less competitive. But then...

Accidental landlords’ costs set to spiral

10th August 2019
New capital gains tax rules could cost accidental landlords thousands of pounds when they sell their former home in changes that were confirmed by HMRC. The new rules could affect over half a million landlords when they come to sell, Brona MacDougall takes a closer look at the details and the implications. Measures announced earlier...

August Questions and Answers

1st August 2019
Does the name on the invoice matter? Q. I am the finance director of a large company and have just discovered that hotel bills we pay for in relation to our sales staff working away from home are always made out to the individual employee and not the company. Does this create an input tax...

New business – when is the best time to register for VAT?

23rd July 2019
You have identified a new business opportunity that you want to keep separate from your main business. What should you consider regarding your VAT recovery if you don’t want to register straightaway? VAT expert John Craig advises. You can voluntarily register for VAT at any time if you are either making or intend to make...
Joanne Gibson Head of Payroll

New rules for Employment Allowance

18th July 2019
The government has published draft legislation for the new restrictions which will apply to the NI Employment Allowance (EA) from April 2020. Will your business be affected, and if so, how? Head of Payroll Joanne Gibson brings you up to date. Employment Allowance Since April 2014 most employers have been entitled to a deduction from...