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
20 December 2012
A Scottish “Taxes Management Act”?
The Scottish Government have published a consultation on how they will establish a Scottish Revenue, and the remit of any such body.
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
20 November 2012
Scotland future tax system
A recent paper by the Institute of Chartered Accountants of Scotland discuses the challenges and possible opportunities available to a Scottish Inland Revenue; and is well worth a read.
Angus Nicolson
17 November 2012
Overpaying National Insurance in employment
It is possible to overpay National Insurance even if your only source of income is from employment income.
Angus Nicolson
4 November 2012
US Norway double tax issues
Sue has recently become an expert in the payroll tax issues surrounding employees of US companies operating in Norway.
Angus Nicolson
28 October 2012
New Minimum Wage
From 1 October, the National Minimum Wage changed as note below.
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
6 September 2012
P38S – Student tax scheme – scrapped
From April 2013, the student tax certification scheme will be abolished, and students will require to be taxed in the same way as ordinary employees.
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
2 June 2012
Another award for Nicolson Accountancy
Nicolson Accountancy has been nominated for the 2012 Scottish Accountancy Awards as one of the Top Small Firms in Scotland.
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
30 March 2012
VAT Registration and Deregistration thresholds
With effect from 1 April 2012 the VAT Registration threshold has increased from £73,000 to £77,000 and the De-registration threshold from £71,000 to £75,000.
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
8 December 2011
A recent VAT question
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
22 November 2011
Audit Scotland and the recycling service
Angus Nicolson
20 November 2011
British Accountancy Awards
We are all delighted to be nominated as “Best independent firm – Scotland” in the 2011 British Accountancy Awards.
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
18 June 2011
Tax savings on incorporation
Once again the balance between being a sole trader and incorporating your business as a limited company has come into focus.
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
31 March 2011
The new tax allowances and tax rates
