17 January 2019

VAT Registration tips and hints

The main VAT registration test for an unregistered trader is based on traders checking historic sales on a rolling twelve-month basis to ensure they have not exceeded £85,000. But there is also a second test to consider.

Stuart Platt

27 December 2018

Leases and IFRS 16

IFRS 16 is a new international accounting standard for reporting lease transactions. This will become effective for periods commencing 1 January 2019 if your business prepares its accounts under International Financial Reporting Standards (IFRS) or FRS 101.

Stuart Platt

11 June 2018

High Income Child Benefit charge

Anyone who is responsible for a child should claim Child Benefit at a rate of £20.70 per week for the first child, and £13.70 for each subsequent child. What’s quoted are the 2018/19 rates and changes should be updated on the HMRC Child Benefit pages once they occur.

Stuart Platt

How to avoid capital gains on PPR

2 March 2018

Capital Gains Tax and PPR relief

Capital Gains Tax is chargeable on all gains, including your Principal Private Residence (“PPR”), but there are some allowances and deductions which can reduce the tax you have to pay.

Angus Nicolson

Director

Sponsors of the Asian Business Awards

12 November 2017

OSCR accounts are an advert

For a few years now we have been advising our clients to treat their OSCR accounts as advertisements for their activities.

Angus Nicolson

Director

23 May 2017

CIS Refunds

Nicolson have recovered around £1,000,000 in CIS for clients in the past 18 months with one client receiving a cheque in excess of £300,000 that their previous agent told them they weren’t due.

Angus Nicolson

Director

15 December 2016

Scottish Tax rates differ from the rest of the UK

In the Scottish Budget today, Finance Secretary Derek MacKay set the Scottish Tax levels.  He announced that the higher rate tax band for individuals resident in Scotland would not increase by as much as that in the rest of the UK.

Angus Nicolson

Director

22 October 2016

Companies must check their CT600 online

“Making tax digital” is the latest change to CT600 forms that will affect taxpayers and although it is some distance away HMRC is making major structural changes in preparation. The latest moves, which it announced on 19 September 2016, include withdrawing tax return confirmations for companies.

Angus Nicolson

Director

30 August 2016

Personal  bank statements can be business records

The First-tier Tribunal has confirmed that a taxpayer’s statutory records can include statements for a personal bank account if the account is used for business purposes. As a result, HMRC’s information notice requesting those statements was not appealable. Akrill v HMRC [2016] UKFTT 0550 (TC).

Angus Nicolson

Director

29 May 2016

Attention – Judge & Co clients

If you were formerly a client of Judge & Co and you receive a penalty notice for Kate filing of any tax, then please let us know immediately. We cannot promise to have the penalty waived, but we will submit the outstanding returns and lodge our very best appeal against the penalties.

Angus Nicolson

Director

24 April 2016

Acquisition of Judge & Co

We are delighted to announce that we have acquired the practice of Judge & Co, Chartered Accountants, of Glasgow with immediate effect. Judge & Co was founded in 1999 and serves over 200 clients across Scotland, providing personal tax and accounting services, very similar to our existing clients.

Angus Nicolson

Director

21 April 2016

Changes to dividend tax

We have circulated a newsletter for clients to outline the changes in dividend tax which will occur in April 2016, and you can download a copy of the newsletter.

Angus Nicolson

Director

18 February 2016

Limiting access to Altinn?

If you have received a letter this week from DIFI (who manage the electronic systems for Skatteetaten), you might think that your access to Altinn may be being limited significantly.

Angus Nicolson

Director

5 February 2016

Auto Enrolment penalties surge

The Pensions Regulator (TPR) said that it made 1,021 £400 fixed-penalty notices between 1 October and 31 December on employers that did not automatically put workers into a pension scheme.

Angus Nicolson

Director

9 November 2015

Years of farming losses disallowed

The First-tier Tax Tribunal has refused to allow trading tax relief on the losses of a farmer’s sheep-breeding business, because it had made a loss in several successive years and so had no ‘reasonable expectation of profit’ as required by s68 of the Income Tax Act 2007.

Angus Nicolson

Director

14 September 2015

Buy to let loans

Over the four years starting on 6 April 2017 tax relief at higher rates will be progressively phased out for interest on loans which were used to purchase buy-to-let residential properties. From 6 April 2021 the maximum rate of tax relief available will be the basic rate.

Angus Nicolson

Director

19 August 2015

Tax saving on company loans

The personal tax cost of any company loan you receive is currently low. When the time comes to repay the loan there’s a simple trick you can use to reduce it further. What is this trick and how does it work?

Angus Nicolson

Director

12 August 2015

Maximising your claim for pre-registration VAT

It’s common for new businesses to incur hefty vat liabilities on start-up costs. While you can claim a tax deduction from profits for these, tricky rules mean you might not be entitled to reclaim all the VAT. What steps can you take to maximise the tax recovery?

Angus Nicolson

Director

3 August 2015

What is an Annual Return?

An annual return is a snapshot of certain company information at the made-up date. It is a separate document from a company’s annual accounts.

Angus Nicolson

Director

26 July 2015

Leaving the UK

The introduction of the statutory residence test provides more certainty over residence status now that lifestyle factors are less important.

Angus Nicolson

Director

17 July 2015

R&D tax deductions for capital costs

SMEs can claim enhanced tax relief for research and development (R&D) costs. The bad news is that this doesn’t apply to the equipment used for the project. However, you can make use of a different tax break. What is it?

Angus Nicolson

Director

10 July 2015

VAT on e-services (MOSS)

January 2015 may just have come, but for businesses supplying e-services, broadcasting and telecommunications to consumers cross border, now is the time for the introduction of the MOSS.

Angus Nicolson

Director

9 July 2015

2015 Summer Budget

The 2015 Summer Budget contained a few surprises for everyone, and whilst we all await the fine print in the actual legislation, there are three main issues that are likely to affect our clients.

Angus Nicolson

Director

4 April 2015

New VAT rules on customer discounts

New rules on prompt payments came into effect on 1 April 2015.  New rules apply to the VAT treatment of prompt payment discounts (PPDs). VAT can only be reduced to reflect the discounted price if the customer pays within the discount period. Previously it applied whether or not the customer paid on time.

Angus Nicolson

Director

2 April 2015

National Insurance for under 21’s

From 6 April 2015 employers with employees under 21 years old will no longer have to pay Class 1 secondary National Insurance contributions (NICs) on earnings up to the Upper Secondary Threshold (UST) for those employees.

Angus Nicolson

Director

24 February 2015

Paperwork is vital with shareholdings

A tribunal was asked to rule on whether some of the shares apparently owned by a director were actually his wife’s. What did the tribunal rule and what useful tax planning tips can shareholders take from it?

Angus Nicolson

Director

30 January 2015

Company loan: a tax saving tip

The personal tax cost of borrowing from your company is now quite low. However, when the time comes to repay the loan there’s a neat trick you can use to cut it further. What is it and how does it work?

Angus Nicolson

Director

16 January 2015

Revenue Scotland

Revenue Scotland starts to administer devolved taxes in Scotland from today beginning with the Land and Buildings Transaction Tax (“Stamp Duty”) and the Scottish Landfill Tax.

Angus Nicolson

Director

12 January 2015

Travel expenses and Personal Service Coys

Individuals who work through their own personal service companies (PSC) could lose the ability to claim a tax deduction for the cost of travelling to their clients’ premises. Rebecca Cave explains why the government is suggesting this fundamental shift in the tax rules.

Angus Nicolson

Director

23 December 2014

Advisory fuel rates

The HMRC advisory fuel rates have been changed with effect for all journeys undertaken on or after 1 December 2014. Until that date, the rates in brackets can be used. These rates only apply to employees using a company car on business purposes.

Angus Nicolson

Director

9 December 2014

VAT on internet sales inside the EU

You can submit a single calendar quarterly return and VAT payment to HMRC, who will send the appropriate information and payment to each relevant member state’s tax authority.

Angus Nicolson

Director

20 October 2014

VAT on single-use carrier bags

As of today, a 5p charge is levieed by the retailer on every single-use carrier bag sold in Scotland.  Similar schemes have already been introduced in Northern Ireland and Wales.

Angus Nicolson

Director

1 2

Glasgow
31 Lynedoch St.
G3 6EF

Kilmarnock
71 King Street
KA1 1PT

Stornoway
49-50 Bayhead
HS1 2DZ

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