Straight from the horse’s mouth

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...

Vouchers and VAT

24th April 2024
Your business sells vouchers to customers that can be redeemed against goods or services that you sell in the future. But how should you account for VAT on these vouchers?  Naomi Swan provides the answer. What is a voucher? Many vouchers issued by your business will be electronic rather than in paper format. This is...

Christiaan becomes newest Partner at JRW Hogg & Thorburn

23rd April 2024
JRW Hogg & Thorburn have just announced the appointment of a new Partner in the firm. Christiaan Hansen, who is based at the firm’s Hawick office, is a tax specialist with particular interest in Inheritance Tax planning and business restructuring, as well as assisting on Trust and Estate related tax matters. Originally from Cape Town...

JRW and Hogg & Thorburn to merge

15th April 2024
PRESS RELEASE In a significant expansion, two of the leading accountancy firms in the Borders have announced that they have merged. Taking effect on 6th April 2024, this exciting merger sees Hogg & Thorburn and JRW joining forces as part of a newly expanded firm, to be known as JRW Hogg & Thorburn. This latest...

Electronic or paper invoices?

12th March 2024
You have recently switched to electronic invoicing. However, some customers are insisting on paper invoices. Must you comply with these requests?  Elaine Wight answers this question below. While the design and layout of your business invoices is up to you, there are government regulations that require you to include certain information about your business and...