Straight from the horse’s mouth

Termination fees and compensation payments

New rules on termination fees and compensation payments

13th April 2022
Your business has mobile phone contracts and hires vehicles for employee business trips. How do you check that you are not being overcharged VAT following HMRC’s change of rules on termination fees and compensation payments? VAT expert John Craig takes a closer look. New legislation for early termination fees and compensation payments took effect on...

The Spring Budget and its Relevance to Scotland

29th March 2022
Rishi Sunak’s Spring Statement last week provided some good news for taxpayers but hasn’t been as well received as his previous giveaways. The highlights are: • 5p per litre cut in fuel duty • An increase in the NIC primary threshold and lower earnings limit from £9,570 to £12,570 • Class II NI liabilities reduced...

Qualified Chartered Accountant

15th March 2022
Due to continued expansion, we are looking for a full time qualified Chartered Accountant to join our friendly and supportive team. Ideally you will have been qualified for at least 2 years plus and have experience of completing statutory accounts. JRW are a growing firm with six offices across Scotland. This position is based in...
New policy on termination payments

New policy on termination payments

7th March 2022
HMRC is changing its policy on termination payments. As a result, some businesses will be entitled to a VAT refund while others will owe more. What’s the full story? VAT expert John Craig takes a closer look. In September 2020, HMRC changed its policy on one-off payments made in connection with a contract, e.g. early...
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,...

The new Health and Social Care Levy – What you should know

14th February 2022
The government aims to raise £12billion by introducing a new 1.25% levy on both earned income and on employers’ wage bills to raise funds for the NHS and adult social care. From April 2022, the new Health and Social Care Levy (HSCL) comes into effect. It might be called a levy, but the HSCL is...
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...
Sharing a property to save IHT

Sharing a property to save IHT

4th February 2022
Your father left the whole of his estate, mainly consisting of his share in their home, to your mother in his will. As a result, there will be a big inheritance tax bill waiting when she dies. What steps can you take to reduce it? Nil rate bands While the inheritance tax (IHT) nil rate...