Straight from the horse’s mouth

New Companies House fees mean a jump in costs

29th May 2024
With Companies House increasing their fees from 1 May 2024, this will have an impact on every incorporated business in the UK. Kenny Logan from our Edinburgh office looks at the new fees and what these increases will mean. Companies House increase in fees will result in increased costs for all entities registered, including private...

Pensions for seasonal staff?

28th May 2024
According to The Pensions Regulator, there are employers who take on seasonal or other temporary workers who are not following the workplace pension rules correctly. If you hire short-term workers, what steps should you be taking?  Pamela Singh advises. Summer is of course a peak time for taking on seasonal staff. One thing you should...
Leasing a car

What are the VAT pros and cons of leasing cars?

28th May 2024
You are considering leasing instead of purchasing cars for your business. This will improve cash flow and, according to the salesperson, allow you to reclaim VAT that you would not otherwise be entitled to. Is this correct?  Naomi Swan explains the rules. Generally, VAT paid on the purchase of cars for use in your business...

What’s changed with the VAT registration limit?

24th May 2024
Although the Chancellor announced an increase to the VAT registration limit in the Spring Budget 2024, it was fairly modest. As a service business if your turnover exceeds the new limit, can you legitimately avoid having to register?  Associate Jayne Rogerson discusses the implications. Until 1 April 2024, the VAT registration turnover threshold had been...

New law on tipping

13th May 2024
Tips, service charges or gratuities, whatever they are called, tipping is becoming more and more commonplace in the UK. With that, questions over where those tips actually go have been asked and there is no clear answer, but that won’t be the case for much longer. A new law and statutory Code of Practice on...

Tax relief for home broadband?

2nd May 2024
You have agreed to reimburse part of an employee’s broadband bill for when they work from home. HMRC’s guidance says that although this is a business expense, you must deduct PAYE tax and NI from anything you pay. Why is this and can it be avoided?  Audrey Rankine advises. Generally, employers can reimburse or pay...

Overseas business trip with the family – is it taxable?

1st May 2024
You are making an overseas trip for business and have decided to take your husband and two children, so they can holiday while you are working. The question is, can you put the expense through the company and if so, are there any tax considerations?  Kirsten Hancock looks at the implications. The answer to the...

HMRC targets cash traders in hot food and catering

30th April 2024
HMRC’s computer system has identified 4,000 traders in the hot food and catering sector that may be under-recording sales. What might this mean for your business, and could the review be extended to other sectors?  Kenny Logan from our Edinburgh office takes a closer look. It is common for HMRC to identify specific trade sectors...

VAT Q&A – APRIL 2024

29th April 2024
Can music business be split into two and deregister? Q. My business trades as a limited company, selling musical instruments and giving piano lessons. All lessons are given by me, as I am the sole director and shareholder. The annual fees from lessons are £50,000 but the annual sales of instruments has fallen to £70,000....

Retiring without IHT trap

25th April 2024
You hold the main interest in a family-owned trading partnership and are planning to retire, selling your interest to your adult children. But you have been advised that this could lead to an inheritance tax (IHT) charge?  Partner Kenny Adamson advises. Unincorporated traders Business property relief (BPR) is an extremely valuable tax planning tool. BPR...