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Is it a donation or sponsorship, or both?

17th July 2019
HMRC has recently updated its guidance about when a payment to a charity could comprise of two different elements, with different VAT outcomes for each part. What opportunities does this create for both charities and sponsors? John Craig looks at the change and how this might affect you. HMRC’s approach to philanthropy is very clear,...
Husband and wife companies - tax on dividends

Husband and wife companies – tax on dividends

17th July 2019
By Stuart Hair, JRW CA Tax Team You’re about to form a new company of which you’ll be the main income generator. To save tax your spouse will own shares in the company. Should you subscribe for shares and give some to them, or should you both subscribe? The example below demonstrates why HMRC was...

New DRAFT IR35 legislation

12th July 2019
The new DRAFT IR35 legislation which has just been released by HMRC, could potentially be really good news for many of our smaller sized clients. Of course, this is draft legislation and it could be subject to change but it does include promising signs for many of you, here is a summary of the key...

Is your van a car?

3rd June 2019
As well as the more obvious practical differences, the difference between a company van and a company car also has an impact on your tax bill. But in March 2019 the Upper Tribunal upheld two differing decisions over ‘combi’ vans provided to employees for private use. Kevin Crowford discusses the tax implications and brings you...

Time saving U-turn on Making Tax Digital

3rd June 2019
The latest Making Tax Digital policy update from HMRC means that supplier statements can now be used to record expenses for input tax purposes, that’s a big time saving for the many businesses which use spreadsheet accounting. MTD for VAT was introduced for all UK businesses making annual taxable supplies of more than £85,000 for...

Are you ready for the new Reverse Charge?

31st May 2019
If you are a businesses involved in the supply of construction services, from 1st October 2019, you will need to change how you account for VAT. This is when the Construction Services Domestic Reverse Charge (CSDRC) is introduced, VAT expert John Craig takes a closer look. If you are a supplier making a supply of...
Letting out space in your premises

Letting out space in your premises?

2nd May 2019
You have reviewed your business premises and realise that you have surplus space that could potentially be sub-let to another business. But what are the VAT issues that need to be considered before you make this decision? Kevin Ferguson  takes a closer look. LIABILITY OF RENTAL INCOME The starting point is that income you receive...

Employing close family – tax efficient or tax trap?

30th April 2019
Putting spouses and children on the payroll of your business can be tax efficient as long as HMRC are willing to accept the validity of doing so, but where do you stand if they decide to challenge your claim for a tax deduction? Tax expert Brona MacDougall provides you with some very good advice. In...

Which ISA is right for you?

29th March 2019
ISAs are a popular tax-free saving product. In recent years they’ve been revamped and there are now a few types to choose from with different options, limits and benefits. But are you investing in the right one for you? Four kinds of ISA There are four kinds of ISA you can invest in: cash; stocks...

Well built

28th March 2019
In this article we answer some well-constructed questions on the issue of reduced and zero-rated VAT on building projects. If you are involved in the construction industry, deliver trades and services or are planning a new building project you will know just how complex the issue of VAT and zero-rating can be. This article poses...