Feb 27 2018 Revised income tax bands in Scotland Categories: Taxation As if tax wasn’t taxing enough, how will the Scottish public be certain if they have paid the correct amount of tax on their wages or pension now that we will have 7 different rates of tax on earnings? Add in National Insurance and the number increases to 9. Previously, proposals (as published in our more
Feb 27 2018 National Minimum Wage Rises Categories: EQ AccountingPayroll The National Minimum Wage (NMW) or National Living Wage (NLW) rates are increasing from 1 April 2018. Employers need to ensure they are paying their employees at least the appropriate NMW or NLW rate. You can find the new rates in the table below: * introduced and applies from 1 April 2016 **for apprentices under more
Feb 16 2018 Tax planning for professionals – our top tips Categories: ProfessionsTaxation With over two months until the end of the financial year (ended 5 April 2018), there is still time to take action to reduce future income tax liabilities or take advantage of annual allowances. Take a look at our points to consider, ahead of the new financial year below: • Have you maximised your annual more
Feb 12 2018 Construction companies could be missing out on thousands of £s of tax relief Categories: Property & ConstructionTaxation Research & Development (R&D) tax credits are available to limited companies subject to UK corporation tax, yet take up of the relief is lacking amongst SME’s, particularly within the construction sector. Construction companies often do not consider these claims applicable to them. However, due to the continuous innovation and bespoke solutions provided by the construction more
Feb 9 2018 Have you considered using Cloud Accounting software? Categories: EQ AccountingMaking Tax Digital The 31st of January is a stressful time for accountants and for some businesses. If you left the preparation of your accounts and tax returns to the last minute then you may have found that you had an unexpected tax bill and little time to find the cash to pay it. The impact on your more
Jan 30 2018 Have you paid your tax? Categories: Taxation 31 January 2018 is the deadline for payment of balancing tax liabilities for 2016/17 together with first payments on account (POA) towards 2017/18 tax liabilities. This is the same as the deadline for filing 2016/17 self-assessment tax returns online with HMRC. HMRC automatically charge a penalty of £100 for any late returns, with additional penalties more
Jan 23 2018 From Self Employed to Business Owners Categories: Corporate FinanceHealthcare For many self-employed dentists, buying their own dental practice is a dream, the ultimate career goal. However, it is also a journey riddled with pitfalls, risk and uncertainty. For dentists and University of Dundee graduates Jane Clyne and Eleanor Ferguson, the onset of a new year marks the start of their second full year owning more
Dec 18 2017 The Real MacKay – Scottish Budget Commentary Categories: Taxation On Thursday 14th December, Finance Secretary, Derek MacKay, delivered Scotland’s Budget for the 2018/19 tax year. Whilst a tax rise was expected, the creation of new tax bands was not. In Scotland, we already have a lower basic rate band than the rest of the UK, but Mr MacKay introduced a series of new rates. more