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

5 August 2018

Directors, their address, and legal requirements

If you form a limited company there are many responsibilities as a director. One of these is about accounting and one is about transparency of your address. All company directors need to report certain addresses to Companies House, and these will appear on the public record.

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

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

17 April 2017

Cyber Security – keeping your data safe

At Nicolson Accountancy we take our Cyber Security very seriously and it is a key part of our business. We know your data is precious so that when you send us information we want you to know that we always keep it safe and secure.

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

8 November 2015

Disqualified director

It is possible for an individual to be disqualified as a director of any limited company. This can arise where the company has been badly mismanaged; where someone has continued to trade and lose money for their creditors, when they should have taken professional advice.

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

5 July 2015

Island Games success

Everyone at Nicolson Accountancy wants to congratulate Donnie MacLeod after his triple success in the 2015 Island Games in Jersey last week.

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

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