HMRC is getting better at detecting and penalising people who make extra income but don’t declare it. With that in mind if you have a small side venture to make some extra cash, is it always necessary to declare it to HMRC?  Audrey Rankine outlines the details in this article. Naturally, HMRC is interested in...

The National Insurance cuts in the 2023 Autumn Statement grabbed the headlines, but there were a number of other changes also announced. What were the most important to be aware of?  Naomi Swan outlines the changes in this article. Self-assessment The criteria to be met for an individual to fall within self-assessment have been changed....

If you own the trading premises of your business, charging rent can be a good way to extract income. The trouble is it can increase any capital gains tax (CGT) payable if you sell the property. Can the income tax saving justify the extra CGT? Kenny Logan from our Edinburgh office takes a closer look....

You have been offered financial donations from friends and family to help start your new business. If it’s a success, you plan to reward them. What would the tax position be for the business and the donors?  Kenny Logan from our Edinburgh office explains. It’s far from unusual for close relatives and occasionally friends to...

The way we allocate profits to tax years for sole traders and partnership businesses has change in the 2023/24 tax year. The current system used to allocate profits was designed in the 1920s and creates a situation whereby businesses that do not have an accounting period that is aligned with the tax year may pay...

Two property owners are about to sell residential property. One has lived in their property intermittently whilst working in the UK and overseas, whereas the other has never lived in their property at all. How could both owners potentially claim private residence relief (PRR) in full? Our Head of Tax Christiaan Hansen advises. Owner number...

You have a long-standing tenant who has moved out of your buy-to-let property and you haven’t yet found another. You are still incurring costs on the property but as there is no rent coming in, can you continue to claim a tax deduction for them? Naomi Swan from our Tax Department advises. It’s unlikely that...

You want to hold a summer event to entertain your employees and to improve morale. But you are unsure what the tax and NI position will be?  Gail Trojan advises. Normally, business entertainment is not a tax-deductible expense. However, the cost of entertaining employees (including directors), such as by having a staff party, is an...

To limit the number of self-assessment (SA) returns HMRC has to process it has changed the criteria for when one is required. If HMRC removes you from SA as a result, should you agree with this? Head of Tax Christiaan Hansen discusses. For 2023/24 and later tax years the self-assessment (SA) income threshold at which...

The 2023/24 tax year is of course now underway and there have been several changes which may affect you.   Head of Tax, Christiaan Hansen provides an overview of the key points, along with our recommendations and advice. Income tax The rates of income tax haven’t been increased; however, the threshold for paying the additional...