20 January 2013

Pensions reform – some Q&As

It is proposed that from April 2017 there will be a single pension set at £144 a week, increasing to £155-£160 in four years’ time. This new ‘single-pension’ will replace the basic state pension, currently £107 per week, and its various top-ups and additional state pensions. However, it will be more difficult to claim the full state pension under the new rules.

Angus Nicolson

4 December 2012

Real Time Information

The real time information (RTI) reporting system for payroll will be introduced from April 2013. Under the RTI regulations, Pay-As-You-Earn (PAYE) information must be reported electronically to HMRC before any payment is made

Angus Nicolson

2 December 2012

How the “Dutch sandwich” works for Google

“While the day-to-day dealings of Australian firms advertising on Google might be with Google Australia, under the fine print of contracts Australian firms sign with Google, they are actually buying their advertising from an Irish subsidiary of Google.

Angus Nicolson

1 December 2012

Machine Games Duty

If you are a pub, club or hotel are you ready for the new Machine Games Duty? This replaces Amusement Machine Licence Duty, and comes in from 1 February 2013. You are required to be registered before that date, and we have already registered the majority of our affected clients.

Angus Nicolson

13 September 2012

Partnering with Randstad

Nicolson Accountancy are delighted to announce that we have recently won a contract with one of the UK’s largest recruitment consultancies to provide finance and taxation advice to staff placed by Randstad.

Angus Nicolson

10 September 2012

PAYE payments not properly allocated?

All too often, HMRC seem unable to match payments correctly against the tax period.Sometimes it is the fault of the taxpayer by not giving the correct reference, but the inability of HMRC to match a £10,919.27 PAYE overpayment against an identical underpayment for a different year is highly frustrating.

Angus Nicolson

27 August 2012

Sexual discrimation

You really can’t make this stuff up. A male nude model has been awarded more than £10,000 in compensation after taking two counts of sexual discrimination to court and subsequently won both. Andrew Rogers, aged 62 was a life model at Weston College, Somerset for 25 years and was made redundant in 2012.

Angus Nicolson

12 August 2012

Tax determinations are unappealable

A recent tax case has confirmed that tax determinations are now final documents, and can only be appealed by the submission of the overdue Return. Determinations are issued where Tax Returns are well overdue, and are nothing more than a Revenue guess of the likely tax due.  They are often wildly incorrect, and if they are not appealed within 1 year of issue they become final.

Angus Nicolson

1 August 2012

New Glasgow Office

An award-winning Stornoway accountancy firm run by an entrepreneurial husband and wife team has expanded creating several new jobs with the opening of its new office in Glasgow, at Trinity House, 31 Lynedoch Street, Glasgow.

Angus Nicolson

7 July 2012

Hairdressers who rent chairs – beware of VAT

From 1 October 2012, the Inland Revenue will be trying to change the rules on hairdressers who rent chairs.  The technical rule is that the rules on ‘chair rental’ will change so that it is being specifically included as an ‘exception’ to the ‘exemption’ in the VAT legislation within VATA 1994, Sch 9, Group 1.

Angus Nicolson

22 June 2012

Stornoway Accountants take top award

At a glittering ceremony in the Hilton Hotel, Glasgow, last night (Thursday), Nicolson Accountancy of Stornoway were crowned “Best Small Firm” at the prestigious Scottish Accountancy Awards.

Angus Nicolson

14 June 2012

New Statutory Definition of Residence

In April 2013 there are new rules relating to tax residence that will come into force. Being non-resident can mean that you are not liable to UK Taxes, and for this reason the operation and application of tax law in this area is closely monitored by HMRC, and can often be the subject of huge dispute.

Angus Nicolson

8 June 2012

The new penalty regime

In 2008 the Inland Revenue started the principle of “reasonable care” in filing tax returns. This approach has now been strengthened, formalised and is rigourously applied. The level of penalty depends upon the type of failure; how it comes to light; and some other factors.

Angus Nicolson

5 June 2012

Advisory Fuel Rates from 1 June 2012

There have been changes to the advisory fuel rates from 1 June 2012.The advisory fuel rates have been changed with effect for all journeys undertaken on or after 1 June 2012.

Angus Nicolson

4 June 2012

Volunteer Awards

Nicolson Accountancy are sponsoring the entire 2012 Volunteer Awards in the Western Isles, along with two individual categories of award.

Angus Nicolson

4 May 2012

Average tax rates of the wealthy

An examination of the raw data produces an extremely interesting analysis of the tax rates of the highest earners in the UK.  (The table may not round to exactly 100%).

Angus Nicolson

2 May 2012

SED claims extended

Until recently a claim to Seafarers Earnings Deduction was restricted to UK residents only. This allowance is available assuming seafarers met all the qualifying conditions, which were primarily that over half the time was spent outside the 12 mile limit over a minimum 365 day period.

Angus Nicolson

20 April 2012

2011 Tax Return still outstanding?

From 1 May 2012, the Inland Revenue will be issuing penalties of £10 per day for any Returns that remain overdue. If you have a Return that is overdue, take action now, and contact Angus, to avoid or minimise the cost.

Angus Nicolson

25 February 2012

Prestigious contract win

Nicolson Accountancy have just won an exclusive contract with Nova Subsea AS, a major Norwegian employment agency who operate across the world.

Angus Nicolson

6 February 2012

VAT Flat Rate scheme

Generally you don’t reclaim any of the VAT that you pay on purchases, although you may be able to claim back the VAT on capital assets worth more than £2,000 – see the section in this guide on claiming back VAT on capital assets for the rules and restrictions.

Angus Nicolson

4 January 2012

Business Records Checks

The beginning of the new calendar year has brought familiar communication problems for HM Revenue & Customs (HMRC).

Angus Nicolson

30 November 2011

Regional NIC holidays

The Regional Employer National Insurance Contributions (NICs) Holidayoffers big reductions in employer NICs for new businesses who employ staff and meet certain criteria in specific regions.

Angus Nicolson

18 October 2011

Job vacancy

We have a vacancy for an International Tax Accountant to assist us primarily with the preparation and control of foreign tax returns and payroll processing, along with many other activities.

Angus Nicolson

8 October 2011

Foreign VAT

After many tears and much cursing, the computers are talking to each other, and we are now able to file merverdiavgift (MVA or VAT) Returns electronically into the Norwegian tax authority systems.

Angus Nicolson

7 August 2011

Paper VAT Returns

From March 2012 all VAT registered business will have to file their VAT Returns electronically. That means the end to the paper VAT 100 forms.

Angus Nicolson

1 August 2011

Tax Return penalties increased

From January coming, the penalties for late filing of tax returns will increase and the ability to mitigate penalties where no tax is due will be removed.

Angus Nicolson

19 July 2011

DIY Housebuilding

A DIY Housebuilders Claim was rejected by HMRC on the grounds that the planning permission prohibited separate disposal of the house so it did not meet the definition of “dwelling” for the purposes of the refund scheme. The appeal was dismissed.

Angus Nicolson

19 May 2011

Mileage rates

The Inland Revenue have increased the tax and NI free rate of Approved Mileage Allowance Payments. From 2011/12 the new rates are:- For the first 10,000 miles – 45p (up from 40p) For all subsequent miles – 25p (unchanged).

Angus Nicolson

7 April 2011

New tax codes

From 6 April, if you have new employees without a P45 or a P46 you will have to use code 0T, rather than BR.  This means that these employees will have no allowances, and although the effect is generally the same for most employees, higher paid employees will pay more tax.

Angus Nicolson

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Glasgow
31 Lynedoch St.
G3 6EF

Kilmarnock
71 King Street
KA1 1PT

Stornoway
49-50 Bayhead
HS1 2DZ

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