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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

14 September 2014

Scottish referendum

With the referendum at the forefront of many peoples minds, we have been asked by a large number of Scottish clients what they should be doing and how they can mitigate any risks, in the event of the Yes campaign being successful.

Angus Nicolson

4 June 2014

VAT complexities

All too often VAT is assumed to be straight forward and simple by those who have been registered for some time, and who forget the complexities that can easily arise.

Angus Nicolson

22 April 2014

How to Deregister for Machine Games Duty

On receipt of your correct and complete deregistration notice (either an electronic notification or a notice submitted in writing), HMRC will remove your name from the MGD Register within 14 days from the date specified in your notification. HMRC will write to you to confirm your deregistration.

Angus Nicolson

5 April 2014

Electronic tax checklists

From this week, clients will be receiving a personalised electronic tax checklist sent direct to their email address, which will allow clients to upload and send us all the information necessary for the preparation of the 2014 Tax Return.

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

19 March 2014

Registration at Tax Offices (update)

A number of our clients are reporting that they have been to the Tax Office in Norway to prove their identity as advised on previous correspondence from Skatteetaten.

Angus Nicolson

14 March 2014

£2,000 employment allowance discount

Starting in April 2014 the employment allowance (EA) will be available to all employers with fewer than 250 employees (including directors). It will be worth up to £2,000 per tax year and will be given in the form of a credit against your employers’ NI contributions.

Angus Nicolson

7 March 2014

Over the Lifetime Allowance?

Doctors, senior professionals and even headteachers saving into final salary pensions are in the danger zone for hefty tax charges when the Lifetime Allowance (LTA) falls in April.

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

23 January 2014

Tax charge on child benefit

If you earn more than £50,000 and you or your partner receive child benefit, then you need to take action before the end of January to notify HMRC of your potential additional tax charge.

Angus Nicolson

13 January 2014

HMRC to start sending email

Email which you receive which purports to come from HMRC it is almost certainly a scam, but later this year they are likely to start issuing some very important emails to taxpayers.

Angus Nicolson

9 January 2014

Contractor ‘offshore loan schemes’

We have long been advising clients to avoid these schemes, which were similar in structure to the notorious offshore Employee Benefit Trusts, so beloved of footballers, amongst others.

Angus Nicolson

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