You need some building work done at your office, but your preferred supplier is not registered for VAT. This means that it will not be able to reclaim input tax on materials, increasing the final bill to your business. Is there a solution? Bob Johnstone takes a closer look. Frozen VAT threshold Even though the...

You are downsizing your office and have asked a few staff to permanently change to homeworking. You’ll pay them a one-off allowance towards the cost of setting up their home workspace. Can you reclaim the VAT they incur? VAT expert John Craig provides the answers. People often suggest that “putting it through the business” will...

There are not many areas of tax planning where one can say that something is a ‘no-brainer’, but utilising pensions planning wherever possible is one.  Tax and Succession Planning expert Brona MacDougall advises. Income tax savings The saving that most people obtain from contributing to a pension is income tax relief. A basic rate taxpayer...

Whilst the Finance Bill 2021 was fairly low key, one announcement might mean a year has been slashed from a crucial Making Tax Digital (MTD) deadline for many unincorporated businesses. What’s the full story? Kenny Logan takes a look. A major aim of MTD is to bring the payment date for all taxes closer to...

We are expanding our team and have a couple of vacancies for an Accountant and experienced Accounts Assistants. Required to assist with bookkeeping and accounts preparation for limited companies, sole traders and partnerships. Peebles, Biggar, Galashiels and Hawick Offices. Salary dependent on experience. ABOUT JRW As one of the largest accountancy firms in the Borders,...

A few of your employees have expressed an interest in the cycle-to-work tax break and you’re also tempted to join them. However, there seems to be a mountain of information to plough through. Is there a simple option?  Sam Scott discusses. Cycle-to-work basics The legislation for the cycle-to-work tax break is unusually straightforward. It allows...

A regular customer owes you a lot of money and has offered to pay half now if you agree to accept it as full payment for all outstanding invoices. But how do you deal with the bad debt? Our VAT expert John Craig explains in greater detail. The VAT rules are different according to whether...

In between tenants you are doing some work on your rental property. How these are categorised, as repairs or improvements, determines whether or not you’re entitled to an income tax deduction. What factors should you consider? Improvement or just repair? As a rule, a “revenue” tax deduction can’t be claimed for the cost of improving...

HMRC wants individuals who are self-employed or have a property rental business to trial its Making Tax Digital for Income Tax service before it becomes mandatory. HMRC has changed the login process for its digital services for all business users; it now requires two-step verification. Lauren Herbert discusses in greater detail below. MTD for income...

Despite a difficult year, it looks like the accounts will show a profit after all. What could you look at to legitimately reduce the corporation tax bill the company has to pay? Kenny Logan advises. Generally, expenses that the company incurs are tax deductible. However, special rules mean that tax relief for some expenses might...