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Scottish Government Business Support Fund

11th June 2020
The Scottish Government introduced the Business Support Fund, which offers some businesses a: • Retail, Hospitality, Leisure Support Grant • Small Business Support Grant The grants are available for eligible businesses who: • pay non-domestic rates • are charged for non-domestic rates but do not need to pay because they get certain rates relief –...

Coronavirus Job Retention Scheme – Full Details

27th March 2020
The government published guidance late last night on the operation of the Job Retention Scheme. We have had many enquiries in relation to this matter and hopefully the following information will answer the majority of these queries. Recap of the Basics Employers can claim 80% of furloughed worker’s usual wage costs up to £2,500 per...

Third Sector Resilience Fund

25th March 2020
As part of the Scottish Government Response to the Coronavirus crisis, £20m has been allocated to the new ‘Third Sector Resilience Fund’.  This fund is live today 25th March 2020. The Third Sector Resilience Fund will provide grants of between £5,000 and £100,000 to eligible charities, social enterprises and voluntary organisations that are playing a...

The Coronavirus Business Interruption Loan Scheme now live

23rd March 2020
The Chancellor announced that the British Business Bank will manage the Coronavirus Business Interruption Loan Scheme (CBILS) which is available from today, 23rd March 2020 and will initially run for 6 months. More details can be found on the British Business Bank website However here is a short summary of the key features: •   Through...

COVID-19 – Practical steps to help every business

20th March 2020
Few businesses could ever have imagined, let alone made plans for, the potential impact of a massive epidemic such as the current coronavirus crisis. As accountants, we want to provide you with some practical steps that you can take. Keep in touch Keep in touch with your accountant. The sooner that they are made aware...

Are pre-start up expenses tax deductible?

18th November 2019
Jane has decided to turn her hobby into a business which she’ll run though a company. She bought stock and equipment for her hobby which will now be used for the business instead. Can it claim tax deductions for these costs? Brona MacDougall provides the answers. Pre-trading expenses You may already be aware that tax...

NOVEMBER Q&A

31st October 2019
Claim VAT on a new house build? Q. My wife and I have just bought a plot of land. We intend to build a new house on the land and sell it. Can we register for VAT and claim input tax on our building costs? A. The answer is yes, but there are two important...
Joanne Gibson Head of Payroll

Paying a director off the record

29th October 2019
You’ve engaged the services of a non-executive director (NED) to bring specialist expertise to your company. She says she’s freelance and has asked for her fees to be paid free of tax and NI. Is that OK or do you run the risk of trouble with HMRC? Joanne Gibson looks at the implications. The role...

Selling your business – how to avoid tax traps

25th October 2019
You’re selling your business and as part of the deal you’ll stay on in a managerial role for three years. You’ll then be paid an additional sum based on the profits made over that period. How should you structure the payment to avoid tax traps? Our Senior Tax Manager Brona MacDougall provides advice on the...

October Q&A

1st October 2019
Is hiring golf clubs to a non-resident taxable? Q. We hire golf clubs to private individuals. A customer came into our shop last week and insisted that the fee for hiring a set of golf clubs for a week should not be subject to VAT because he is a US resident. He produced evidence of...