Straight from the horse’s mouth

New CGT deadline for separating couples

New CGT deadline for separating couples

2nd February 2022
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...

February Q&A

1st February 2022
Is VAT payable on cash stolen by employee? Q. We are retailers and have discovered that a member of staff has been understating our sales by taking, say, £30 cash from a customer, and only recording the sale as £25 in the till. Must we account for VAT on the £5 shortfall? Does it make...
Joanne Gibson, Partner JRWCA

Are your expenses procedures up to scratch?

18th January 2022
Of course all businesses want to keep costs down and having a robust system in place for checking employee expense claims should be part of that regime. But what are the requirements to meet HMRC’s standards? Our Head of Payroll, Joanne Gibson advises. Self-policing expenses policy Generally, HMRC isn’t concerned about the amount that you...

Reclaiming VAT on Sponsorship

15th January 2022
Your son’s rugby club has approached you regarding sponsorship support to pay for his team’s kit. A member of the club says that if you put the cost through your business then you’ll get a tax deduction and can reclaim the VAT. Are they correct? John Craig explains the position. The tax position for sponsorship...
A gift is not just for Christmas

A gift is not just for Christmas

13th January 2022
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...

January Business Support Top Up – Hospitality and Leisure

12th January 2022
January 2022 Funding has been allocated to support businesses in hospitality and leisure who are impacted by the requirement for physical distancing and capacity limits that came into force from 27 December 2021. The January Business Support Top Up – Hospitality and Leisure Fund will provide financial support to businesses in the hospitality and leisure sectors...

Part time Bookkeeper

14th December 2021
PART-TIME BOOKKEEPER (on behalf of a client) Jedburgh location We are assisting one of our clients in the retail trade in looking for a part time bookkeeper due to retirement. The role is normally a half day each Tuesday, based in Jedburgh, and currently involves : • Processing of purchase ledger invoices, payments and assisting...

Winding up a Trust?

29th November 2021
From Trust and Estate Practitioner Brona MacDougall I have had a lot of interest recently from clients and potential clients who are looking to wind up trusts of which they are beneficiaries. But what are the legal and tax implications of doing so?  In some cases, these trusts were set up on death by parents...

November Q&A

26th November 2021
What VAT rate do we apply to a hamper? Q. We trade as a food and drinks wholesaler. With Christmas approaching, we will be selling a hamper that includes a range of food and drink items, including tins of luxury fruit, jams, cakes, wine and chocolates. Our plan is to sell each hamper for £49.99...

Easily avoid a life insurance tax trap

25th November 2021
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....