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Online Sales Tax

7th June 2022
The UK government has recently run a public consultation on a potential new Online Sales Tax. The consultation period ran from February 2022 to 20 May 2022. The results are currently under review. COVID has had a big impact on how we shop, work and generally interact, but even before COVID the retail sector in...

Reclaiming hidden VAT

1st June 2022
You are planning improvements to your business premises; you will be using individual contractors for the work as they provided you with the best quotes. However, none of them is VAT registered which could mean you paying hidden VAT. Why and how can you reclaim it? Elaine Wight advises. With inflation rising, everyone is keen...

Easing cashflow with monthly VAT returns

31st May 2022
Is it possible to move to monthly VAT returns to get the cash in quicker? VAT Technician Elaine Wight explains. If most of your sales are zero-rated, then it’s likely that you usually get a VAT repayment every quarter. But having to wait for that VAT refund after the end of a quarter can cause...

How do the NI changes affect 2022/23?

30th May 2022
The 2022 Spring Statement increased the NI threshold, however the way this has been done is not straightforward. How does the change affect small company’s profit extraction planning for 2022/23? Head of Payroll Joanne Gibson provides detailed advice. The Chancellor committed to this rise on the basis that health and social care needs to be...

Are electric cars worth the salary sacrifice?

20th May 2022
With climate change and the cost-of-living crisis high on everyone’s agenda, is this a good time to look at an electric company car policy? What benefits would such a scheme bring? Brona MacDougall advises. Company cars have fallen out of favour in recent years as tax charges have risen and the optional remuneration arrangement changes...

Higher fuel rates for company cars?

10th May 2022
HMRC recently updated its advisory fuel rates for company cars. However, the new rates don’t even come close to reflecting the current pump prices. Can you pay employees a more realistic rate? Naomi Swan advises. If you provide employees with company cars, you are entitled to pay them a fuel rate to reimburse them for...

Keep it in the family?

5th May 2022
Within a family-run business it is naturally very common to employ family members. Whilst this does allow for more tax-deductible money to stay within the family, there are issues and potential minefields that you should be aware of. Helen Johnstone advises. When it comes to employing family members and putting their wages through the books...

Dilapidated property – repair or improvement?

5th May 2022
If you are carrying out repairs to a dilapidated property, this may be treated as capital expenditure rather than revenue expenditure. Brona MacDougall explains the position regarding tax relief. Buying a property and doing it up for letting out can make good financial sense, however, repairs and renovations are expensive, so it is important to...

Introducing HMRC’s new VAT penalties

26th April 2022
The first step towards alignment of VAT and direct tax penalties was due to take place in just two months but the government recently announced a delay. What’s the full story? Audrey Rankine takes a closer look. HMRC’s original timetable for the harmonisation of its late filing penalty and late payment interest regimes across most...
Termination fees and compensation payments

New rules on termination fees and compensation payments

13th April 2022
Your business has mobile phone contracts and hires vehicles for employee business trips. How do you check that you are not being overcharged VAT following HMRC’s change of rules on termination fees and compensation payments? VAT expert John Craig takes a closer look. New legislation for early termination fees and compensation payments took effect on...