Taxation

News by Service

Tighter rules for company loans

9th December 2024
The recent Autumn Budget announced a new rule affecting loans and other advances made by companies to their shareholders. If you owe your company money, is this something you should be concerned about? Partner Christiaan Hansen discusses the implications. If you are an owner manager of a close company (this is a company which is...
Double cab pickups to be classified as cars

Double cab pick-ups – Important News

12th November 2024
In this article, Partner Andrew Wayness brings important news of changing tax treatment for double cab pick-ups, outlining the considerable implications for both employers and employees. In February 2024, HMRC announced that double cab pick-up trucks would be treated as cars for tax purposes, and then swiftly did a U-turn on this decision following industry...
Trust and inheritance tax

Trusts and inheritance tax

7th October 2024
Trusts can be an extremely useful planning tool for inheritance tax purposes, as well as for family and business succession planning. Partner Christiaan Hansen looks at how trusts and inheritance tax interact as well as outlining the issues and benefits. Tax is one benefit, but preservation of the family assets is another potential advantage of...

Q&A October 2024

2nd October 2024
Partner Kenny Adamson provides the answers in this month’s Q&A. In which tax year do I declare my dividend payments? Q. I receive dividend payments. The next dividend payment date is 25 April 2025. Would I include this in my 2024/25 tax return, or based on the payment date should it be declared in my...

Exit strategy

1st October 2024
When starting a new business, most people don’t give much thought to its end at this point. However, after a number of years, even a small one-person business may have built up a valuable customer list and a goodwill value. It is therefore important that a business owner should consider how and when they might...
An update on furnished holiday lettings

An update on furnished holiday lettings

16th September 2024
“To qualify as a furnished holiday let, properties: • must be available for short-term letting to the public for 210 days and actually let for 105 days or more in each tax year. • should not be used as a long-term let of over 31 days for significant periods. The distinction for a furnished holiday...
A greener company car scheme?

A greener company car scheme?

5th September 2024
As the owner of a medium-sized company, you are keen to start a company car scheme for senior staff which encourages them to switch to vehicles with lower emissions. But what tax factors should they be aware of, and could salary sacrifice be the most efficient approach?  Audrey Rankine explains in this article. In line...

Paying salary to a family member

3rd August 2024
One of the more tax efficient ways of reducing a company’s tax bill and increase the amount of money withdrawn at the same time, is by paying salary to a member of the director’s family. This could be the director’s spouse or children at university. Partner Joanne Gibson advises in this article. Another good reason...

August Q&A

1st August 2024
Partner Andrew Wayness provides the answers in this month’s Q&A. Is a charity’s loss-making event exempt from VAT? Q. We are a charity that is registered for VAT. We recently held a fundraising event, treating the income as being exempt from VAT, but the event made a loss. Should we treat the income as standard-rated...

The trading allowance explained

5th July 2024
If you earn a little income on the side, the trading allowance can exempt it from tax or reduce the amount payable. What types of income does it apply to and how does it work?  Kirsten Hancock explains in this article. In 2017, the government announced two completely new allowances out of the blue: the...