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...

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...

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...

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...

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,...

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...

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...

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...

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....

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...