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5 March 2008
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.
24 January 2008
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.
26 November 2007
The period for opening an investigation into a Corporation Tax return will be changed with effect from 31 March 2008.
12 November 2007
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.
12 October 2007
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.
4 October 2007
HM Revenue and Customs has issued a statement concerning possible disruptions to VAT payments caused by the postal dispute.
20 September 2007
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.
18 September 2007
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.
22 August 2007
These proposals will apply to all companies in the UK, and to LLPs (but through separate regulations).
21 August 2007
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).
17 August 2007
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
6 August 2007
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.
6 August 2007
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’.
29 June 2007
The completion of these forms is quite straight forward, if you gather together all the necessary paperwork, and plan a bit in advance.
10 May 2007
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.
26 February 2007
Nicolson, Chartered Accountants, are leading the way in providing support to businesses needing assistance with the new CIS scheme.
2 February 2007
Nicolson, Chartered Accountants, are celebrating the success of their website with hits passing the 100,000 per annum mark.
14 September 2006
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.
14 August 2006
The European Union have recently confirmed that employers can refuse to employ smokers without being guilty of discrimination.
12 June 2006
Many businesses will have received an invoice from the “International Business & Trade Database” – this is not worth the paper it is printed on, and we recommend that you throw it in the bin.
13 May 2006
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 🙂
13 December 2005
In his recent pre-Budget report, the Chancellor, Gordon Brown, signaled the abolition of the zero-rate band for Corporation Tax. Previously the first £10,000 of profits were effectively tax-free, now they face a tax charge of 19%.
1 December 2005
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.
1 December 2005
Stornoway Port Authority have announced that Nicolson, Chartered Accountants have been appointed as their auditors with effect from the year ended 31 December 2005.
18 July 2005
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.
4 April 2005
A firm of Stornoway Chartered Accountants has launched the first ever scheme to provide tax investigation insurance to all its clients.
9 February 2005
We are away on annual family holiday from Monday 12 September to Monday 27th September, inclusive.
4 January 2005
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.
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31 Lynedoch St.
71 King Street
Main switchboard: +44 (0)141 237 3878
Website by Haiwyre