Tax

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October Q&A

1st October 2019
Is hiring golf clubs to a non-resident taxable? Q. We hire golf clubs to private individuals. A customer came into our shop last week and insisted that the fee for hiring a set of golf clubs for a week should not be subject to VAT because he is a US resident. He produced evidence of...

Tax breaks for holiday lets

30th September 2019
Last tax year you started letting a property as a holiday let. The trouble is that to qualify for the special tax breaks it must be let for 105 days in the tax year and you didn’t reach this figure. Is there a way around this rule? Brona MacDougall takes a closer look. You may...

How to claim the new Structures and Buildings Allowance

26th September 2019
HMRC has recently published new guidance on the Structures and Buildings Allowance (SBA) following changes to the rules. This includes important information about how to claim it. What’s involved? John Craig discusses below. The 2018 Budget announced that businesses would be entitled to a new tax relief, the Structures and Buildings Allowance (SBA) would apply...

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...

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...
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...

Should you be charging your company rent?

3rd July 2019
You and your fellow directors own your company’s trading premises. Currently it occupies the property rent free. If this is the case, you should probably think about charging rent to your company as a tax-efficient source of income. But what is the income tax efficiency versus entrepreneurs’ relief? Tax expert Helen Johnstone takes a closer...

Structures and Buildings Allowance

1st July 2019
After some delay HMRC have now published the draft rules for consultation on Structures and Buildings Allowance and in this article we update you with some of the details. This change, announced in the 2018 Budget, provides for capital allowances for expenditure incurred on or after 29th October 2018 on the construction of a building...

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...

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...