Business advisory

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Trading with the EU

23rd November 2020
(from January 1 2021) There are a number of changes for a business that wishes to trade with the EU after the 1st of January 2021, and failure to comply with these procedures will result in the disability to import or export goods. These changes will mainly affect 5 areas: trade, goods, services, people and...

Home offices and tax

9th November 2020
Whilst workplaces continue to be closed for an extended period, more and more people decided to create a dedicated workspace at home. HMRC is now targeting these spaces – how can you avoid a tax bill?  Tax Expert Brona MacDougall advises. As offices closed across the country back in March, working from home has became...

Self Employed Income Support Scheme Changes

4th November 2020
UPDATE 4th November 2020 To coincide with the changes to the CJRS and JSS , the SEISS (Self Employment Income Support Scheme) will be doubled back up to the previous amount of 80% of average trading profits for the entirety of November and the claims window for this brought forward from 14 December to 30...

Takeaway and delivered food – What VAT?

30th October 2020
A temporary lower VAT rate currently applies to some supplies of food and drink but not others. While this is good news it has caused some confusion. What VAT should you be charging your customers?  Our VAT expert John Craig provides the answers. Temporary VAT rate The government introduced the temporary 5% VAT rate for...

Tax relief for farmers

2nd October 2020
You own and operate a farm, you are many years away from retirement but you would like to know about possible relief from inheritance tax, particularly in relation to your farmhouse. IHT expert Brona MacDougall discusses the key issues. Generally speaking, agricultural property relief (APR) works in a similar way to business property relief (BPR),...

Pay as You Grow

25th September 2020
In anticipation of further cashflow difficulties, Rishi Sunak has tinkered with various loan schemes to allow for more time and greater flexibility in repayment. It has been announced today that the application deadline for all four major COVID loan schemes (Bounce Back Loan Scheme, Coronavirus Business Interruption Loan Scheme, Coronavirus Large Business Interruption Loan Scheme...

Business Interruption Insurance

23rd September 2020
Light at the end of the tunnel? The insurance world has been in a state of limbo since the beginning of lockdown as insurers reviewed policy claims and the application of business interruption clauses to the current situation. Due to the enormity of the impact COVID could potentially have on the insurance industry it has...
Builders reverse charge delayed again

Builders reverse charge delayed again

10th August 2020
To help builders affected by the Coronavirus crisis, the new reverse charge rules for the construction industry has been pushed back to the 1st March 2021. What does the delay mean for your business? Elaine Wight finds out. HMRC has recognised that builders are already under enormous pressure as a result of the Coronavirus crisis....
Taking salary again, Business Management

Taking salary again?

10th August 2020
Because of the pandemic, you have not drawn salary from your company for the last three months because its income was significantly reduced. The situation is now improving and you’re restarting your salary next month but is it worth paying yourself the arrears? Bob Johnstone looks at the implications. If you are one of the...
Remote working and VAT

Remote working and VAT

7th August 2020
The Coronavirus crisis has identified that some employees are able to work from home in the long term, but what is the position on reclaiming VAT on remote working allowance for staff? VAT expert John Craig finds out with the following example. You have agreed to pay remote working employees up to £1,000 to pay...