income tax

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Coronavirus Self-employment Income Support Scheme

27th March 2020
This scheme is for the self-employed or members of a partnership that have lost income due to coronavirus. This scheme will allow you to claim a taxable grant worth 80% of your trading profits up to a maximum of £2,500 per month for the next 3 months. This may be extended if needed. Who is...

Is food and drink for customers tax deductible?

4th February 2020
As a business which hosts seminars and courses, food and drink is provided as part of this during the day. A tax inspector refused to allow a tax deduction for the cost because he says that it is business entertainment. Is he correct? Income tax, corporation tax and VAT legislation each contain a similar rule...

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...