Overall the UK autumn budget is uneventful and some of the announcements outlined below will not impact Scottish businesses. We look forward to the Scottish budget on the 9 of December and will be sharing announcements that will have a […]
Category: All News
autumn budget: personal taxation and investments
income tax For 2022/23 to 2025/26, the personal allowance will remain at £12,570 and the higher rate threshold at £50,270, as previously announced. In Scotland, the higher rate threshold for non-savings, non-dividend income will be announced in the Scottish Budget […]
autumn budget overview & highlights
The first autumn Budget for three years was a three-part presentation. The Chancellor’s well-trailed speech was accompanied by the first multi-year Spending Review since 2015 and the latest Economic and Fiscal Outlook (EFO) from the Office for Budget Responsibility (OBR). […]
1.25% increase in NICs and tax on dividends to fund health and social care
The UK Prime Minister announced, on 7 of September, that the government will introduce a new 1.25% levy to provide an extra £12 bn a year to support the NHS and social care. From April 2022 it is proposed that […]
becoming a more eco friendly business
Environmental sustainability has moved to the forefront of the news headlines and consumers are keen to support eco-friendly businesses. Buying habits are changing as people seek to minimise their impact on the natural environment. By incorporating eco-friendly ideas into your […]
advisory fuel rate for company cars
As the result of recent increases in petrol and diesel prices, HMRC has increased the advisory fuel rates that apply for the reimbursement of employees’ private fuel for their company cars. The same rates apply when the employer reimburses employees […]
ammu’s R&D Tax Credits 7 step process
designed to take up little of your time and guarantee a successful submission Get in touch with Iain Robertson to discuss your project: Contact us
managing the end of furlough
After playing a crucial part in managing the impact of Covid-19, the Coronavirus Job Retention Scheme (CJRS) is set to end on 30 September. Although some business sectors, such as hospitality, are currently seeing severe staff shortages, other employers may […]
New VAT penalties regime on the horizon
The existing penalty regime for VAT returns has the advantage of simplicity, but it’s something of a blunt instrument. The new system coming in for return periods beginning on or after 1 April 2022 will be fairer, but some businesses […]
Are you ready for MTD?
Making Tax Digital for income tax self-assessment may still be 18 months away, but if you are self-employed or a landlord, it is time to get ready for digital record keeping, ahead of the deadline. MTD ITSA (as it’s known) […]
Capital gains tax receipts underline tempting target for Chancellor
New HMRC data shows that in 2019/20, £9.9 billion of capital gains tax (CGT) liabilities were created. Source: HMRC In July last year, the Chancellor unexpectedly asked the Office of Tax Simplification (OTS) to review “capital gains tax (CGT) and […]
a question of control
The off-payroll working (IR35) tests are still relevant despite the blanket approach often in place regarding contractors’ employment status. They must always be applied if you are contracting for a small organisation. Two recent decisions in the Upper Tribunal closely […]
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