Straight from the horse’s mouth

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:...

New guidance on tips

8th July 2022
HMRC has issued new guidance to employers about the tax and NI which is payable on tips. It explains the position when customers choose to tip electronically. The most common form of electronic tipping is already explained in the existing E24 guidance. Where customers pay by card, Apple Pay and so on, and add a...

Could salary sacrifice be a solution

7th July 2022
Several of your employees have been affected by the recent NI rate increase. As their employer, they have asked if there is anything that you can do to increase their pay packages. Could salary sacrifice be an unexpected solution? Brona MacDougall provides the answer. The tax advantages of some salary sacrifice schemes for employees, for...

Travel expenses and VAT

4th July 2022
During routine checks, HMRC looks for mistakes which businesses commonly make. One such area is the VAT treatment of travel expenses. What should you check to ensure your VAT returns are correct? One error often made by businesses that provide professional services involves passing on their employees’ travel expenses to their customers. The following example...

MTD for Income Tax Self Assessment (ITSA)

7th June 2022
As of 6 April 2024 most self employed traders and private landlords will be required to comply with HMRC’s new MTD for ITSA rules. Who is required to comply? All individuals who are subject to income tax on the profits of a trade, profession, vocation or property business who have a total turnover from all...