Redundancy and tax

11 June 2020

Termination payment to a director

A termination payment to a director may become part of your tax planning in these difficult times, if your business has to close.

You be aware that the most tax-efficient method of getting the money out of your company when it closes down is to wind it up and take its cash and other assets.  That way the maximum rate of tax on what you receive is 10%, assuming that capital gains tax (CGT) entrepreneurs’ relief (ER) applies. This is true but it overlooks what you might be entitled to receive entirely tax free

Angus Nicolson

Nicolson Accountancy - what we do

25 March 2020

Job Retention Scheme

Details of the Job Retention Scheme and Business Interruption Loans, as updated on 13/4/20.  Now with details of how to claim, and what we will do for you.

The published version of the information is at https://www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme and covers the scheme in some detail.  HMRC will continue to issue further guidance using their new powers to explain precisely how the scheme will operate.

The Coronavirus Job Retention scheme provide for government grants which will cover 80% of the normal salary of PAYE employees who would otherwise have been laid off as a result of this crisis. The scheme is open to any employer and will cover the cost of wages backdated to 1 March 2020 and will be open before the end of April. It will continue for at least three months, and can include workers who were in employment on 28 February.

Angus Nicolson

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

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

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

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

30 September 2014

National Minimum Wage

The government has approved a rise in the National Minimum Wage to £6.50 per hour, with more than 1 million people set to see their pay rise by as much as £355 a year.

Angus Nicolson

25 March 2014

RTI – Tax year end processes

Now that you are reporting PAYE information in real time, you don’t need to send forms P35 and P14 at the end of this tax year. Instead, just send your real-time PAYE submission as normal and answer a few extra questions. It is very easy to do. This step-by-step guide shows you how.

Angus Nicolson

11 February 2014

Check your tax code

It is always very important to check your tax code to make sure that you are receiving all the allowances to which you are entitled and to ensure that all your income is being properly taxed.

Angus Nicolson

Glasgow
31 Lynedoch St.
G3 6EF

Kilmarnock
71 King Street
KA1 1PT

Stornoway
49-50 Bayhead
HS1 2DZ

Website by Haiwyre