Straight from the horse’s mouth

Planning a barn conversion?

14th September 2022
You live on a farm and have decided to convert a barn on part of the land into a self-contained dwelling and live there when it is completed. Building work will be carried out by external contractors. What are the VAT issues that you should be aware of?  Tax expert John Craig explains further. The...

Sharing your company with your unmarried partner

12th September 2022
The rules for sharing income from your company with your spouse or civil partner are well known. But, if you’re not legally joined, is there a tax-efficient way to share your income?  Helen Johnstone looks at this in more detail below. A few years ago, HMRC lost a long running fight to prevent married couples/civil...
Residence nil rate band when no residence

Residence nil rate band when no residence?

9th September 2022
Your father recently died having spent the last two years in care. Last year you sold his home to help pay the nursing home fees. When preparing the inheritance tax forms, are you entitled to claim the residence nil rate band?  Tax Partner Brona MacDougall discusses. The inheritance tax (IHT) residence nil rate band (RNRB)...
rental property tax deductions

Sporting Times?

8th September 2022
During major sporting events such as The Open or Commonwealth Games, many people looked to boost their income by renting property to spectators and so on. So why might these people receive a letter from HMRC? Lauren Herbert advises. A sporting event held over several days is a great opportunity to utilise spare rooms or...

New HMRC Trust Registration Service (TRS)

12th August 2022
New rules were introduced on 6 October 2020, that requires more UK trusts and some non-UK trusts to be registered on the TRS, regardless of whether the trust has any tax to pay, by 1st September 2022 but with some specific exclusions. Registration requirements The main categories of trusts caught by the new requirements include:...
Dividends

Dividend needn’t be ‘unlawful’

11th August 2022
A set of draft company accounts have been prepared and they show that the director shareholders received “unlawful dividends”. What are the tax consequences of this and how can they best be managed? Jane McWilliam provides advice. The last couple of years have been tough with many businesses having had significant contractions in profits compared...

Input tax on leased cars

9th August 2022
Your business leases cars for your employees, paying VAT on the monthly charges. But are you correctly claiming input tax and what happens if you return the vehicle before the end of the agreement? Or if you receive a rebate of your rental payments? VAT Expert John Craig explains. If the car has business and...
Is your summer staff party tax deductible?

Is your summer staff party tax deductible?

8th August 2022
You are planning on holding a summer party for your employees but what is the tax and NI position of such an event and what do HMRC’s rules say about it? Lauren Herbert advises. Usually, business entertainment is not a tax-deductible expense. However, the cost of entertaining your employees (including directors), such as having a...
Casual worker

Avoiding unexpected costs with casual staff

5th August 2022
You are about to take on some temporary workers over the next couple of months. But what do you need to do to ensure that the tax and NI bill is kept to a minimum? Head of Payroll Joanne Gibson takes a closer look. When HMRC introduced real time information reporting for payroll data, the...

Practice Accounts Senior/Manager – Peebles

5th August 2022
With an ongoing growing client base, we have a requirement for an experienced Accounts Senior / Manager in our Peebles office. As a business, we focus on exceeding our clients’ expectations and adding value to them in a commercially effective way. It is therefore essential that candidates have this same outlook. We are looking for:...