Taxation

News by Service

Plans to accelerate capital gains tax

4th September 2019
Major changes to the tax regime for gains made from the sale of residential property will take effect from April 2020. They will affect how and when you’re required to report and pay capital gains tax. What’s the full story? Brona MacDougall finds out. Current CGT deadlines Currently, capital gains made by individuals are reported...

Buying a property through a limited company?

16th August 2019
There is currently a huge shift towards buying property within companies and according to recent figures, up to 80% of new buy to let mortgage applications are now for limited companies. Until 2015, there was no compelling need for most people to make this choice and mortgages for companies were much less competitive. But then...

Accidental landlords’ costs set to spiral

10th August 2019
New capital gains tax rules could cost accidental landlords thousands of pounds when they sell their former home in changes that were confirmed by HMRC. The new rules could affect over half a million landlords when they come to sell, Brona MacDougall takes a closer look at the details and the implications. Measures announced earlier...

Should you be charging your company rent?

3rd July 2019
You and your fellow directors own your company’s trading premises. Currently it occupies the property rent free. If this is the case, you should probably think about charging rent to your company as a tax-efficient source of income. But what is the income tax efficiency versus entrepreneurs’ relief? Tax expert Helen Johnstone takes a closer...

Structures and Buildings Allowance

1st July 2019
After some delay HMRC have now published the draft rules for consultation on Structures and Buildings Allowance and in this article we update you with some of the details. This change, announced in the 2018 Budget, provides for capital allowances for expenditure incurred on or after 29th October 2018 on the construction of a building...

Employing close family – tax efficient or tax trap?

30th April 2019
Putting spouses and children on the payroll of your business can be tax efficient as long as HMRC are willing to accept the validity of doing so, but where do you stand if they decide to challenge your claim for a tax deduction? Tax expert Brona MacDougall provides you with some very good advice. In...

Pension tax break?

22nd October 2018
After deferring your state pension for a few years you have decided that it’s now time to take it. You have the option of a higher pension or a lump sum. The latter offers the chance of some tax planning but what’s involved? Kevin Ferguson advises. Deferred state pension As you may know, the government...

Are you ready for Making Tax Digital?

30th August 2018
Making Tax Digital is without doubt the most significant change to the UK tax system in a generation and businesses really do need to take action now. We look at the implications and provide a valuable checklist for the transition across to the new system. The new digital method of tax collection and administration known...

The Scottish tax system – a perfect marriage

1st August 2018
The new five rate Scottish tax system has thrown up some problems since it was introduced, this time it’s a twist in the way that Marriage Allowance works. Some people will lose, whilst others will gain, but how can you work out which group you’re in? Brona MacDougall takes a closer look. As you will...

Clever Planning for Inheritance Tax

27th June 2018
Inheritance Tax could potentially cost your loved one’s hundreds of thousands of pounds, yet it is possible to dramatically reduce this or even to pay none at all. Brona MacDougall our Senior Tax Manager provides you with some superb advice for effective IHT planning. Inheritance Tax (IHT) is a tax on the estate of someone...