News

Protecting your business capital

30/01/2023

All business owners, but predominantly retailers, leisure and entertainment trades, will have seen their hard-won capital all but exhausted by the needs to meet fixed costs when income generation has been restricted or eliminated by lock-down directives during the early years of the COVID pandemic, and more recently by the downturn in

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VAT – unpaid tax collectors

30/01/2023

If you are required to register your business for VAT purposes you are joining that reluctant band of business owners that are obliged to collect tax for HMRC. The amount of VAT you have added to your sales, less VAT you have paid out on qualifying purchases, will be paid to HMRC at the required intervals, usually quarterly. As long as

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New Green Freeports for Scotland

26/01/2023

The UK and Scottish governments have jointly announced that Inverness and Cromarty Firth Green Freeport and Forth Green Freeport have been successful in their bids to establish two new Green Freeports in Scotland. Each of these Freeports will be granted up to £26 million in funding over the next few years, primarily to address

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Corporation Tax changes April 2023

26/01/2023

The Corporation Tax main rate will increase to 25% from 1 April 2023 for companies with profits over £250,000. A Small Profits Rate (SPR) of 19% will also be introduced from the same date for companies with profits of up to £50,000 - ensuring these companies pay Corporation Tax at the same rate as currently. Where a company has profits

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New business Energy Bills Discount Scheme

26/01/2023

The new business Energy Bills Discount Scheme will replace the current Energy Bill Relief Scheme which is coming to an end on 31 March 2023. The new scheme will offer support to eligible non-domestic energy customers, including UK businesses, the voluntary sector - such as charities - and the public sector - for example, schools and

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R&D tax consultation launched

26/01/2023

There are currently two schemes for claiming R&D tax relief - the Small or Medium-sized Enterprise (SME) Scheme and the R&D Expenditure Credit (RDEC) Scheme for large companies. The amount of R&D tax relief available depends on the total qualifying spend on R&D activities. It was announced as part of the Autumn Statement

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Five more tax avoidance schemes named by HMRC

26/01/2023

HMRC has powers introduced in the Finance Act 2022 to name tax avoidance schemes and their promoters. Under this legislation HMRC can name avoidance scheme promoters, publish details of the way they promote tax avoidance schemes and name the schemes they promote. This allows HMRC to warn users and potential users of these schemes at the

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What is a Post Transaction Valuation Check?

26/01/2023

A Post Transaction Valuation Check (PTVC) can be requested from HMRC for an individual to work out a Capital Gains Tax liability or for companies to calculate Corporation Tax liability on chargeable gains. The request for a PTVC should be made using the CG34 form. HMRC’s guidance says the form must be completed and sent to the address on

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Ways you can count on us…

23/01/2023

Leaving politics to one side, how can we deal with the current pressures on businesses? Rising costs, reducing revenues as the cost-of-living issues impact activity, increasing taxes - Corporation Tax will include a main rate of 25% from the 1 April 2023 - and a background of continuing supply difficulties. At this time of the year many

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Tax Diary February/March 2023

19/01/2023

1 February 2023 - Due date for corporation tax payable for the year ended 30 April 2022. 19 February 2023 - PAYE and NIC deductions due for month ended 5 February 2023. (If you pay your tax electronically the due date is 22 February 2023) 19 February 2023 - Filing deadline for the CIS300 monthly return for the month ended 5 February

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Exempt transfers between siblings

19/01/2023

Inheritance Tax (IHT) is levied on a person’s estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts. The current IHT nil rate band is £325,000 per person, below which no IHT is payable. This is the amount that can be passed on free of IHT as a tax-free threshold. In most cases, an exemption

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Scottish Child Payment

19/01/2023

The Scottish Child Payment increased to £25 per week from 14 November 2022. The payment is available to qualifying applicants living in Scotland for children under the age of 16. The Scottish Child Payment was launched in February 2021, initially for children under the age of 6. It is estimated that some 400,000 children in Scotland are

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PAYE and overseas employees

19/01/2023

There are a multitude of rules and regulations that you must be aware of when you employ someone from abroad who is coming to work in the UK. HMRC’s guidance (entitled New employee coming to work from abroad) sets out some important issues to be aware of when taking on a new employee from abroad. This includes the following: Check an

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Registering as an overseas company

19/01/2023

An overseas company must register with Companies House if they want to set up a place of business in the UK. This would mean that the overseas company has some sort of physical presence in the UK through which it carries on business. If an overseas company does not have a physical presence in the UK, then they are not usually required to

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Check if a company is being liquidated

19/01/2023

There are a number of ways you can check if a company is in liquidation. This can include searching the Companies House register. Companies House is responsible for maintaining a register of company information such as annual returns and annual accounts. This information also includes insolvency details although this can take some time to

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Actors and entertainers – profession or employment

19/01/2023

There is a particular section of internal HMRC’s manuals that deals specifically with how to view the rules for measuring profits of specific trades. The list includes over 50 different trades as diverse as actors, athletes, barristers, bookmakers, motor dealers, care providers, doctors and dentists, financial traders, marine pilots,

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New laws to mitigate disruption during public service strikes

17/01/2023

Working people across the UK will be protected from disruptive strikes thanks to new laws introduced recently. They will allow employers in critical public sectors to maintain minimum levels of service during strikes. The government is introducing this legislation to ensure that striking workers don’t put the public’s lives at risk and

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Check your National Insurance Record

12/01/2023

HMRC offers an online service to check your National Insurance Contributions (NIC) record online. In order to use the service, you will need to have a Government Gateway account. If you don't have an account, you can apply to set one up online. By signing in to the 'Check your National Insurance record' service you will also activate

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