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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...
New CGT deadline for separating couples

New CGT deadline for separating couples

2nd February 2022
The government is to introduce reforms which will correct one of the great tax injustices. The change in the law will reduce the pressure on separating couples to settle ownership of their asset quickly or face a capital gains tax (CGT) bill. What’s the full story? Married couples and civil partners are in a privileged...
A gift is not just for Christmas

A gift is not just for Christmas

13th January 2022
The cost of seasonal gifts for your business can soon add up. However, tax reliefs can reduce this considerably. When is your business entitled to claim a tax deduction for the gifts? Partner Brona MacDougall advises. While Christmas might be the time of year you most often think about business gifts, the tax system makes...

Easily avoid a life insurance tax trap

25th November 2021
Life insurance policies generally pay out a premium in the event of the policyholder’s death. However, recently published figures from HMRC suggest that many of them are falling into an easily-avoided tax trap. The idea behind a life insurance policy is simple – the individual agrees to pay premiums for a fixed period of time....

The tax implications of writing off loans

12th October 2021
An employee who is being made redundant has asked his employer to write off their outstanding training costs loan as part of their redundancy termination package. But what are the tax implications here?  Tax Expert Brona MacDougall explains. Where a loan to an employee is written off by the employer for any reason, HMRC treats...

When is selling land or buildings “trading”?

8th October 2021
The First-tier Tribunal recently ruled on whether profit made from the sale of land bought as part of a residential property was taxable as trading income or capital gains. What was the outcome and why?  Brona MacDougall looks at this in more detail. The dispute The case of Heather Whyte v HMRC followed a long...

Health and Social Care Levy and the Dividend Tax Increase

21st September 2021
Boris Johnson unveiled plans on 7 September for tax increases that aim to specifically address underfunding in the NHS and social care systems. The new Health and Social Care Levy Bill is currently at committee stage in the House of Commons and is set to be fast tracked to ensure that the relevant changes are...