WHEN IS A VAN NOT A VAN?

HMRC are being urged to provide clarity and consistency on the tax treatment of commercial vehicles such as VW Kombi Vans marketed as goods vehicles. The need for clarity follows the ruling in an important tax tribunal case involving “vans” provided to employees of Coca Cola. The court has upheld the HMRC view that certain[…]

VAT REVERSE CHARGE FOR BUILDING AND CONSTRUCTION SERVICES

The Government is introducing a VAT reverse charge on certain building and construction services. The legislation will come into effect on 1 October 2019. This is a very significant development which will present major challenges for many building contractors. Businesses involved in buying and selling construction services will need to understand the new rules.  […]

WHY SHOULD I TAKE FEE PROTECTION INSURANCE?

This is a question that I get asked a lot at this time of year. One reason for this is because we issue our insurance renewals, but another is because clients are unsure if they are covered by other insurance products that they take out and whether they actually need the protection that we offer.[…]

OFF-PAYROLL WORKING RULES GOING AHEAD

The draft Finance Bill clauses issued for consultation on 11 July include legislation to extend the “off-payroll” working rules to the private sector from 6 April 2020. These changes will have significant implications for workers providing their services through personal service companies and also the end user organisations that engage such workers.   End users[…]

CGT PRIVATE RESIDENCE RELIEF CHANGES

Draft legislation to be included in the next Finance Bill will make important changes to the calculation of CGT private residence relief. As announced in the Autumn 2018 Budget, there will be a reduction in the final period exemption to just nine months and stricter conditions for letting relief to apply. Currently where a property[…]

PERSONAL SERVICE COMPANY CHANGES FROM APRIL 2020

In the Autumn Budget, the Chancellor announced that the “off payroll” workers rules that currently apply in the public sector would be rolled out to the private sector in 2020. The government has now issued a consultation paper that sets out proposed tax and national insurance changes that will impact on those supplying their services[…]

YEAR END TAX PLANNING

It’s almost the end of the financial tax year.  Associate, Jenna Gauld, identifies ways that may limit your tax liability and changes to regulations to be aware of after 6thApril:   CAPITAL TAX EXEMPTION Have you used your 2018/19 £11,700 annual capital gains exemption?  Consider selling shares where the gain is less than £11,700 before[…]

Helping St Johnstone FC achieve their accounting goals

We have been working hard to help get businesses across the region ready for a fully digital based tax system. By the end of the 2020/21 tax year, Her Majesty’s Revenue and Customs (HMRC) will require all businesses, including landlords, to interact and liaise digitally. This initiative is known as “Making Tax Digital” (or MTD).[…]

CHRISTMAS IS THE TIME FOR GIVING

Those thinking about making gifts at Christmas should take advantage of the various inheritance tax (IHT) exemptions and reliefs available to them. Note that certain gifts can also have capital gains tax (CGT) implications.   THE IHT ANNUAL EXEMPTION – USE IT OR LOSE IT!   Although not particularly generous at £3,000 per donor per[…]

BUDGET 2018 – What you need to know.

More money for the NHS and an end to austerity? As previously announced, these were the main themes of the Chancellor Phillip Hammond’s third budget but what we were waiting to hear was where the extra money was going to come from? Had he found a “Magic Money Tree”, or would tax and borrowing have to[…]