You are sending an employee overseas for several months to complete a job. They have asked what the tax and NI position will be if they pay for family visits during this period. Head of Tax Christiaan Hansen looks at this in more detail. Commuting You are probably aware that if you pay an employee’s...

You keep various animals for a new fresh produce business. But you may be unaware that there are options as to how the animals are treated for tax purposes.   Elaine Wight from our Accounts Deptartment in Hawick looks at the options. Animals By default, farm animals are treated as trading stock. However, some animals are...

You have employees who make local deliveries using bikes rather than cars where feasible. Can you still make payments for the business mileage tax free? Naomi Swan CA, based in our Hawick office, discusses below. The tax position will depend on whether the couriers are employees or self-employed. Of course, with HMRC’s increased enforcement action...

You occasionally provide entertainment to your employees. How do you ensure that you correctly report anything that is taxable, and how can you take advantage of any exemptions to minimise the liability. Naomi Swan provides the answer below. Staff entertainment for benefit in kind (BiK) purposes is prone to errors. Many businesses under-report it. This...

You are the owner/manager of a small company, and you want to buy a new car. What are the different ways of purchasing it and is it more tax efficient to buy the car through the business or pay personally? Naomi Swan advises in this article. You are the sole director shareholder of your company...

From 1 April 2023, companies with profits in excess of £50,000 will see their corporation tax liabilities increase. This also means that relievable expenses will be more valuable, so what can you do to save as much as possible? Kenny Logan from our Edinburgh office explains. New rates From 1 April 2023 a new set...

A couple have received conflicting advice about reducing their potential inheritance tax (IHT) liability by making gifts. One view is that they need to survive at least three years from when a gift is made to save IHT. The other advice says they must survive seven. Which view is correct?  Kenny Logan from our Edinburgh...

You have decided to sell a property that until two years ago was let as holiday accommodation. Since then, you and your family and friends have used it for the occasional weekend. Does the special lower rate of capital gains tax still apply to the gain you make? As you’re probably aware, higher rates of...

If you’re driving an old petrol company car, you and your company could be paying a lot in tax and NI charges. You could purchase a new electric or low emissions car, but is there a cheaper way to cut your tax bill? Tax breaks for electric cars Whilst sales of electrically powered cars hit...

You are planning to join a local business association to help with networking and promotion. This includes access to a monthly dinner with a guest speaker. Does the business entertainment aspect affect the tax deductibility?  Kenny Logan from our Edinburgh office discusses. Quite often, business organisation meetings are also social occasions where food and drinks...