Taxation

News by Service

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...

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...

Is there tax on your side-hustle?

15th January 2024
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...

Under-radar changes to be aware of

9th January 2024
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....
business startup

A little help from your friends

30th November 2023
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...
Basis Period Reform

Basis Period Reform

7th November 2023
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...

Corporation Tax and Associates

3rd October 2023
The main rate of corporation tax increased to 25% from 1 April 2023. The relevant thresholds must be shared between companies that are Associated, which means the increase will affect some businesses more than others. Is there a way around the problem?  Kenny Logan from our Edinburgh Office explains here in this article. Since April...
Q&A

Q&A – July 2023

26th June 2023
Can services be zero-rated? Q. We have decided to build a bungalow next to our farmhouse so that my partners elderly mother can live in it and be close to us. We have obtained planning permission for the project and have appointed a builder to start the work. The builder will supply labour and materials....

Key changes for new tax year

2nd June 2023
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...

Are meals for employees a perk?

31st May 2023
You are thinking about providing free meals to your employees to help them with the rising cost of living. You can buy in bulk and can access discounts not normally open to individual employees. But how do HMRC view this?  Naomi Swan CA, looks at this below. Food inflation While the headline rate of inflation...