Taxation

News by Service

Families, Gifts and Tax?

8th September 2020
Your son is struggling with his finances and has come to you for some help. You have been paying some of his household bills until he gets back on his feet. But what are the tax consequences that you and your son should consider? Inheritance tax expert Brona MacDougall provides the answers. You may have...

Preserving ‘Furnished Holiday Letting’ status

7th September 2020
You own and let several holiday lodges but you are now approaching retirement and are planning to sell off the properties in the next few years. Could coronavirus cause a nasty tax trap for you and how can you avoid this? Stuart Hair takes a closer look. If your properties qualify as furnished holiday lettings...
Inherited assets - who is liable for capital gains tax

Inherited assets – who is liable for capital gains tax?

6th August 2020
Mrs A is the executor of her mother’s estate. Some valuable items were left to her and her sister. She wants to sell several of these to pay debts of the estate. Will there be any tax and if so, who is responsible for it? Family tax expert Brona MacDougall provides the answers. Administering an...
tax-free perk for being the boss

Capital Gains Tax Review in time for the Autumn Budget?

27th July 2020
Rishi Sunak has written to the Office of Tax Simplification (OTS) requesting a review of the Capital Gains Tax (CGT) regime. He asks the OTS to determine whether the rules are ‘fit for purpose’ and whether they could be simplified. He also asks them to address ‘areas where the present rules can distort behaviour or...

Maintaining your Residence Status throughout lockdown

27th July 2020
The Statutory Residence Test is quite a methodical and precise set of tests which are not open to much interpretation in the main. The application of ‘exceptional circumstances’ has, for most of us, rarely been seen in practice. What Qualifies as Exceptional Circumstances The main characteristics of an ‘exceptional circumstance’ are: 1. It is a...
Tips and Tax

Tips and tax

2nd March 2020
Are you and your staff handling tips correctly? If you operate a café or restaurant, your employees will receive tips from the majority of customers. But as a business owner, what do need to do regarding income tax on these tips? Head of our Payroll Team Joanne Gibson explains. The starting point is to confirm...
Tax deductions for giving away goods

Tax deductions for giving away goods

2nd March 2020
Your company is about to support a local charity. This will include donating the use of company equipment and employees’ time, as these resources will partly be used for non-business activity, will the related costs be tax deductible? Usually, if your business incurs costs in connection with making a gift, it won’t be entitled to...
tax-free perk for being the boss

Q&A – A tax-free perk for being the boss?

2nd March 2020
Q. A friend has told you that he and his wife are taking a tax-free luxury weekend away on the company. Apparently, because the business has been running a long time HMRC allows this. Is this something you can take advantage of? A. Tax rules include a surprisingly long list of benefits in kind which...

Q&A – Can I claim a mileage allowance while using a courtesy car?

2nd March 2020
Q. I’m a director and co-owner of a company. I use my own car for business journeys for which the company pays me a mileage allowance at HMRC’s official rates. Last month my car was off the road for over three weeks for repair and the insurance company provided me with a courtesy car. Apart...

Q&A – Is a working holiday tax deductible?

2nd March 2020
Q. Mr Jones has arranged to add on a couple days to his family holiday so he can visit colleagues to discuss work matters. His accountant has told him that he can’t claim any of the costs relating to the trip. Is this correct? A. As you probably already know about the general rule for...