Your son’s rugby club has approached you regarding sponsorship support to pay for his team’s kit. A member of the club says that if you put the cost through your business then you’ll get a tax deduction and can reclaim the VAT. Are they correct? John Craig explains the position. The tax position for sponsorship...

The cost of seasonal gifts for your business can soon add up. However, tax reliefs can reduce this considerably. When is your business entitled to claim a tax deduction for the gifts? Partner Brona MacDougall advises. While Christmas might be the time of year you most often think about business gifts, the tax system makes...

January 2022 Funding has been allocated to support businesses in hospitality and leisure who are impacted by the requirement for physical distancing and capacity limits that came into force from 27 December 2021. The January Business Support Top Up – Hospitality and Leisure Fund will provide financial support to businesses in the hospitality and leisure sectors...

PART-TIME BOOKKEEPER (on behalf of a client) Jedburgh location We are assisting one of our clients in the retail trade in looking for a part time bookkeeper due to retirement. The role is normally a half day each Tuesday, based in Jedburgh, and currently involves : • Processing of purchase ledger invoices, payments and assisting...

From Trust and Estate Practitioner Brona MacDougall I have had a lot of interest recently from clients and potential clients who are looking to wind up trusts of which they are beneficiaries. But what are the legal and tax implications of doing so?  In some cases, these trusts were set up on death by parents...

What VAT rate do we apply to a hamper? Q. We trade as a food and drinks wholesaler. With Christmas approaching, we will be selling a hamper that includes a range of food and drink items, including tins of luxury fruit, jams, cakes, wine and chocolates. Our plan is to sell each hamper for £49.99...

Life insurance policies generally pay out a premium in the event of the policyholder’s death. However, recently published figures from HMRC suggest that many of them are falling into an easily-avoided tax trap. The idea behind a life insurance policy is simple – the individual agrees to pay premiums for a fixed period of time....

The Pensions Regulator is concerned that employers may have ignored vital routines and compliance activities during the pandemic. What are the key areas to focus on now? In the early days of the pandemic The Pensions Regulator (TPR) relaxed its compliance stance, recognising the pressure businesses were under, but it’s now a return to business...

You are in the process of leasing a property to a tenant who will use the ground floor for her retail business and the upper floor as living accommodation. Could opting to tax the property save you VAT? Supplies of property, e.g., letting, are normally exempt from VAT but opting to tax the property changes...

In April 2020 the contactless payment limit was raised from £30 to £45. To help businesses recover following the pandemic, the limit has now been raised again, this time to £100. Although the change is already effective, banks and firms will need to make the necessary changes to their systems and contactless payment terminal software....