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2018 Budget Summary

A very brief summary of the some of the major points from the budget that we think will be of most interest to our clients. If you have any further questions about any of these changes please give us a call. We will put more details on some of these points on our site over […]

Client Focus – Automatic Protection Ltd

Automatic Protection Ltd in Biggar have been a client of ours since 2013. They were established in January 2001 by Father and Son team Neil and Stuart Harrison. Based in the border town of Biggar, South Lanarkshire, APL has over 45 years of experience in the fire and security industry with unparalleled expertise in Automatic Fire […]

Making Tax Digital Latest

Making Tax Digital – The Short Version Making Tax Digital sounds complex but in the first phase all that it means is that all VAT registered businesses must be submitting VAT returns straight from Software starting in April next year. Making Tax Digital – The Slightly Longer Version HMRC’s Making Tax Digital initiative is edging […]

IR35 2018 update

First introduced in 2000 the IR35 rules (more correctly known as the intermediaries legislation for income tax) have forever since been a source of stress and worry for contractors. Someone who works in a “Personal Service Company” is supposed to do a self assessment as to whether they are caught by the legislation that in […]

Class 2 NI Not Abolished After All!

The government announced the abolition of Class 2 NI last year. https://www.gov.uk/government/consultations/consultation-on-abolishing-class-2-national-insurance-and-introducing-a-contributory-benefit-test-to-class-4-national-insurance-for-the-self-employed/the-abolition-of-class-2-national-insurance-introducing-a-benefit-test-into-class-4-national-insurance-for-the-self-employed However as is so often the case the law of unintended consequences kicked in and this week the government announced that Class 2 would not be abolished after all. One of the consequences of this change was that people with self employed profits […]

New Partnership With Tide Bank

When we take on a new client who is setting up a business there is often a frustrating delay while they have to go to a traditional bank to set up a bank account. This process can take weeks. Sutherland Black are pleased to announce a new partnership with Tide, one of a new breed […]

New VAT Reverse Charge for Construction Industry Labour

The Autumn Budget of 2017 announced that there would be a change to the VAT regime for Contractor Labour starting in October 2019. Similar to the existing CIS scheme this will mean that VAT charged on labour will be paid over by the recipient of the labour service rather than the supplier. This means yet […]

Accelerated Capital Gains Tax on Property Sales from 2020

A change in coming in April 2020 that will affect landlords and second home owners when they come to sell up. In the past a Capital Gain on the sale of a second property could be  reported in a self assessment return. This meant that if a gain was made on the 6th of April […]

Xero Silver Partners

Sutherland Black have just become a Xero Silver Partner! This recognises our rapid growth in bringing Xero to our clients. Our listing on the Xero website has been updated with our new status: https://www.xero.com/uk/advisors/accountant/2012/sutherland-black-chartered-accountants/ The advantages of Cloud Book Keeping software are clear to see for our clients. Automatic bank feeds reduce errors and thanks […]

Open Banking

An Accounting Revolution While everyone was celebrating the New Year in January a new piece of seemingly obscure banking legislation came into place in the UK which has the power to revolutionise the way that small businesses integrate technology with their banks. Previously if a third party application like a piece of book keeping software […]

Save Tax! Year End Tips

Its nearing the end of the Tax Year! Here are our top tips on year end planning and how to Save Tax. Director’s salary levels: Many small business owners pay themselves a small salary and take the rest of their income in dividends in order to be tax efficient. These salary levels should be reviewed […]

2018/19 Salary Dividend Planning – Save Tax !

It is a long established practice that small businesses who are structured as a Limited Company might pay themselves a small salary and dividends to potentially save tax. However in the run up to this tax year there have been multiple legislative changes that have affected the most tax efficient way of doing this. So […]

Self Assessment Returns For Directors

We always recommend that Directors of Limited Companies do a self assessment return every year and ensure that our clients do so. If you go here: https://www.gov.uk/check-if-you-need-a-tax-return and tick the box that you are a Director HMRC will tell you that you need to do so. However occasionally we take on a Company Client where the […]

Budget Update

Here are the highlights from a fairly content free budget. The main budget is moving to the Autumn from this year.   TAX FREE DIVIDEND ALLOWANCE TO BE REDUCED TO £2,000 The Chancellor also announced measures to limit the rise in tax-driven incorporation. The £5,000 tax free dividend allowance introduced by George Osborne will be […]

VAT Flat Rate Scheme – Limited Cost Traders

As noted before in summary a change to the Flat Rate VAT scheme was announced in the Autumn Statement. This change comes in to effect on the 1st of April 2017. This change is intended to target businesses on the Flat Rate Scheme who would only be reclaiming a minimal amount of VAT if they were calculating […]

State Pension and Class 3 National Insurance

The new flat rate State Pension which started last year https://www.gov.uk/new-state-pension/eligibility requires 35 years of National Insurance contributions to receive the whole amount which is currently £155.65 a week. This may not sound a lot but at current annuity rates you would need a private pension pot of more than £200,000 to receive the same amount. […]

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