Tax

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MTD for Income Tax Self Assessment (ITSA)

7th June 2022
As of 6 April 2024 most self employed traders and private landlords will be required to comply with HMRC’s new MTD for ITSA rules. Who is required to comply? All individuals who are subject to income tax on the profits of a trade, profession, vocation or property business who have a total turnover from all...

Basis Period Reform

7th June 2022
The way we allocate profits to tax years for sole trade and partnership businesses is set to change in the 2023/24 tax year. The current system used to allocate profits was designed in the 1920s and creates a situation whereby businesses that do not have an accounting period that is aligned with the tax year...

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...

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...

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...
Tax codes explained

Tax codes explained

4th March 2022
Lots of employees don’t understand how their tax code is made up and they are likely to come to you when they have a question or a problem. What do you need to know to help them? Head of Payroll Joanne Gibson advises. When do codes change? There are several fixed occasions annually when tax...

Paying a Bonus and tax

4th March 2022
Your accounting period is due to end soon and your fellow directors want to pay a bonus so the company can reduce its corporation tax bill. However, they don’t want to pay tax on it until the following year. Is this possible? Brona MacDougall advises on the timing and rules that you should be aware...
March Q&A

March Q&A

1st March 2022
Can a director take a company vehicle out of the business to sell? Q. A company director bought a car through his business on finance, it has been a company vehicle for a few years. The finance is now paid off, and he would like to sell it, but as the business is VAT registered,...
You are buying properties. But is this trade or investment

You are buying properties. But is this trade or investment?

4th February 2022
It is your intention to start buying and renovating residential properties, before selling them and reinvesting the proceeds. But should you operate this through a limited company? And what key issues should you be addressing from the outset?  Helen Johnstone discusses in more detail below. The first thing to do is to consider whether you...