25 November 2008

VAT changes

The change in the Standard Rate of VAT from 17.5% to 15% is temporary – it lasts from 1 December 2008 to 31 December 2009. But how do you change your computer system to reflect the change in the legislation from next week?

Angus Nicolson

24 September 2008

Seafarers 183 day rule change

A recent tax case that was heard by the Commissioners earlier this year (known as “Pride of South America”) has confirmed that the Inland Revenue are widening the definition of what they will classify as offshore installations for Foreign Earnings Deduction purposes.

Angus Nicolson

14 August 2008

Directors NI400

There are special rules for directors National Insurance. In practice this only affects the employee contributions, as there is no upper limit on employer contribution, as the table below demonstrates.

Angus Nicolson

18 May 2008

Mini-Budget changes

The impact of the removal of the 10% tax rate has led the Chancellor of the Exchequer to announce that the Personal Allowance will be increased by £600, but the higher rate threshold has been reduced to compensate for this.

Angus Nicolson

1 May 2008

Changes to VAT Threasholds

With effect from 1 April 2008, the VAT Registration limit has increased to £67,000 and the de-Registration limit has increased to £65,000.

Angus Nicolson

5 March 2008

Increase in National Minimum Wage

From October 2008, the National Minimum Wage will increase from £5.52 to £5.73 (up by 3.8%).The rate for 18-21 year olds will increase from £4.60 to £4.77 and for those under 18 from £3.40 to £3.53.

Angus Nicolson

24 January 2008

Capital Gains Tax

The Treasury have today announced that the 18% flat-rate of Capital Gains Tax will be reduced to 10% on lifetime gains of up to £1m.

Angus Nicolson

12 November 2007

EU invoices

With effect from 1 October 2007, invoices to businesses in other EU member states must be annotated to include any reason for any VAT exemption or any reverse charge.

Angus Nicolson

12 October 2007

New client win

We are very pleased to announce that we have gained large clients in both the Middle-East and South-East Asia as a result of a drive into highly specialised areas of business.

Angus Nicolson

4 October 2007

Postal strike

HM Revenue and Customs has issued a statement concerning possible disruptions to VAT payments caused by the postal dispute.

Angus Nicolson

20 September 2007

New Table A for limited companies

Existing companies should review their articles to determine whether the version of Table A which applies to them does not prevent them from implementing the deregulatory provisions introduced in October 2007 by the Companies Act 2006.

Angus Nicolson

18 September 2007

Pre-trading VAT

When a business registers for VAT it is possible to reclaim all the Input VAT on services for the previous six months and goods for the previous three years.

Angus Nicolson

21 August 2007

Holiday pay

From 1 October 2007, the statutory minimum annual holiday entitlement will rise from 4 weeks (20 days for those working a 5 day week) to 4.8 weeks (24 days).

Angus Nicolson

17 August 2007

Fishing boat and fishing licences and VAT

The sale of a fishing boat is zero rated so long as the vessel is: Has a gross tonnage of over 15 tons, and is neither designed nor adapted for recreational or pleasure purposes.

Quota and licence are standard rated.

Angus Nicolson

6 August 2007

Family controlled companies

For Geoff and Diana Jones and their company Arctic Systems, the long-running battle with the taxman over how the couple advantageously split the spoils of the business is over.

Angus Nicolson

6 August 2007

VAT Penalties

In the past, if the honest tax payer made an error in excess of £1m VAT, or an amount which represented 30% or more of the correct tax for the return period, they were liable to a misdeclaration penalty. The taxpayer was automatically exculpated in full if they voluntarily disclosed the error to HMRC or if they had a ‘reasonable excuse’.

Angus Nicolson

10 May 2007

Residential Renovations and VAT

Nicolson, Chartered Accountants, are reminding those who are renovating houses that they may be eligible to have building works charged at 5%, rather than the full 17.5% rate.

Angus Nicolson

2 February 2007

Hits pass the 100,000 mark

Nicolson, Chartered Accountants, are celebrating the success of their website with hits passing the 100,000 per annum mark.

Angus Nicolson

14 September 2006

New premises

As you may have heard, we will shortly be moving to new premises at 49-50 Bayhead, Stornoway. These premises were formerly the Kitchen Centre, and are being redesigned to our needs.

Angus Nicolson

14 August 2006

Smokers beware

The European Union have recently confirmed that employers can refuse to employ smokers without being guilty of discrimination.

Angus Nicolson

13 May 2006

Holiday arrangements

We will be away on holiday for the two weeks 15- 30 May 2006.Whilst we sun ourselves on the beaches of Greece, you can phone the office and find out how to reach us in emergencies. And we do mean real emergencies 🙂

Angus Nicolson

1 December 2005

Christmas and New Year holidays

The office will be officially closed between Friday 23rd December and Wednesday 4th January 2006, inclusive.However, we will be in between those times to deal with mail, payrolls and pressing issues, and you can phone the office and take pot luck on catching us. Probable hours are 11am to 3pm.

Angus Nicolson

1 December 2005

Prestigious client win

Stornoway Port Authority have announced that Nicolson, Chartered Accountants have been appointed as their auditors with effect from the year ended 31 December 2005.

Angus Nicolson

18 July 2005

Is it a car? Is it a van?

The rules for taxation of cars and vans have been set for some time, but with the merger of Customs and the Inland Revenue, they have been clarified in an attempt to bring more vehicles within the charge to tax, and to reduce the number of vehicles where input VAT can be recovered.

Angus Nicolson

9 February 2005

Annual holidays

We are away on annual family holiday from Monday 12 September to Monday 27th September, inclusive.

Angus Nicolson

4 January 2005

European decision will cost island business plenty

Western Isles businesses are expected to pay an extra 16p per litre of petrol used by employees as a result of a case won by the European Commission in the European Court of Justice in March 2005. In essence, the decision will no longer allow employers to reclaim VAT on the fuel element of mileage allowances paid to employees.

Angus Nicolson

1 3 4 5

Trinity House
31 Lynedoch St.
G3 6EF

71 King Street

49-50 Bayhead

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