Taxation

News by Service

Spend Now, Pay Later

21st September 2021
The Super-Deduction and the Increase in the Main Rate of Corporation Tax Rishi Sunak’s plan for replenishing the public purse consists of encouraging businesses to invest heavily now to strengthen the economy, so that by 2023 they will be resilient enough to start paying tax at much higher rates. The government anticipates a £10bn loss...

MTD for individuals

26th July 2021
HMRC wants individuals who are self-employed or have a property rental business to trial its Making Tax Digital for Income Tax service before it becomes mandatory. HMRC has changed the login process for its digital services for all business users; it now requires two-step verification. Lauren Herbert discusses in greater detail below. MTD for income...

How to cut your corporation tax?

23rd July 2021
Despite a difficult year, it looks like the accounts will show a profit after all. What could you look at to legitimately reduce the corporation tax bill the company has to pay? Kenny Logan advises. Generally, expenses that the company incurs are tax deductible. However, special rules mean that tax relief for some expenses might...

Exposing hidden business property relief

7th June 2021
Inheritance tax (IHT) planning often involves giving away your wealth, but as a business owner business property relief (BPR) can significantly reduce IHT. What can you do to help your estate achieve the maximum relief? Inheritance tax expert Brona MacDougall advises. IHT and business property Where you own a business, or a share of one,...

A new garden office?

23rd March 2021
Something that many people have discovered during lockdown is that it is possible to work effectively from home. But perhaps you are now keen to create a more permanent work space at home and are thinking of investing in a garden office. What are the key things to consider and are there any tax implications?...

How to reduce your corporation tax bill

23rd March 2021
Your company’s financial year ends soon. Despite the difficult trading conditions over the last year the accounts will show a profit. But what steps can you take to legitimately reduce the corporation tax bill? Joanne Gibson advises. Generally, expenses that your company incurs are tax deductible. However, special rules mean that tax relief for some...

Incentive for ‘green’ cars extended

22nd March 2021
Despite the financial pressures caused by the pandemic, the government has gone ahead with the planned extension to tax breaks for environmentally friendly vehicles. What might this mean for your business? Bob Johnstone advises. Businesses wanting to take advantage of the capital allowances (CAs) tax break for environmentally friendly cars and other vehicles have been...

Homeworking and heating?

7th January 2021
An employee working from home has asked for a financial contribution towards their winter heating bills because they will be higher this year. Are you obliged to contribute towards a homeworker’s household running costs? Lauren Herbert discusses this in detail. Many businesses have closed their premises and the government has directed that employees should work...

Transferring your business tax efficiently

2nd December 2020
The business you started a couple of years ago has grown, so you’ve formed a company to take over the trade. What steps can you take to make the transition smooth and tax efficient? For small businesses tax savings can be made by operating through a company rather being unincorporated, i.e. a sole trader or...

Who pays the tax on staff discounts?

2nd December 2020
Some firms are offering staff discounts to help keep the business ticking over and the cash flowing. If you decide to do the same, what are the tax implications? Money off Perks are often used as a way to keep staff happy when you are struggling to offer a pay rise. However, offering them a...