NEW YEAR, NEW STRATEGY

How to build your 2021 business strategy in the face of uncertainty. We live in uncertain times and planning for the future is challenging. Rather than paying attention to what you can’t do, focus on what you can do. For example, when restaurants couldn’t serve customers indoors, they transitioned to delivery, take-away and outdoor dining.[…]

TIME TO REVIEW YOUR WILL?

Top of the to-do list for many individuals is to make or update their will. Many think this is something to leave until later in life, but it is important to get things in place once a property is acquired or when children come along. In the absence of a will, there are statutory rules[…]

£1 MILLION ANNUAL INVESTMENT ALLOWANCES EXTENDED

The Chancellor recently announced that the temporary increase in the Annual Investment Allowance (AIA) for expenditure on plant and machinery has been extended to 31 December 2021. The tax relief was originally scheduled to revert to just £200,000 from 1 January 2021, but that will now be delayed by twelve months. Remember that there is[…]

PENSION PLANNING

For most taxpayers, the maximum pension contribution is £40,000 each tax year, although this depends on their earnings. This limit covers both contributions by the individual and by their employer. The unused allowance for a particular tax year may be carried forward for three years and can be added to the relief for the current,[…]

COVID-19 BUSINESS SUPPORT UPDATE

Mainland Scotland is currently subject to tier 4 COVID-19 restrictions. Similarly to last year’s support package, businesses will be eligible to place employees on furlough until the 30th of April 2021. The government will pay 80% of employees’ normal pay for hours not worked up to £2,500 per month. Hospitality, retail and leisure businesses in[…]