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Latest news releases and FAQs

News and useful information on tax and business issues.

Corona Update 27th March 2020

Corona Information For Businesses as at 27th March 2020 Job Retention Scheme Employers can claim a grant of up to 80% of salaries of employees who would have been laid off during this crisis. This is subject to a cap of £2,500 per month plus the associated Employer National Insurance contributions and minimum automatic enrolment

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2019/20 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

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MTD for VAT cheatsheet

MTD for VAT is fast approaching. This cheatsheet shows some helpful information and resources that should assist a smooth transition. Who has to register and what records do you need to keep: From April 2019 VAT registered businesses and organisations with taxable turnover above the VAT threshold of £85,000 will be required to: Maintain their

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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

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Making Tax Digital VAT 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

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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

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