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Filtered By Category: Taxation

Apr 13 2022

Charities still have to pay their taxes

Categories: CharitiesTaxation

Paying tax is often a shock to smaller charities – after all, their profits all go back into funding the good work they do! Nonetheless, charities are taxed on trading income the same as any other organisation unless planning arrangements are put in place. Of course, deciding what income comes from trading is a complex more

Apr 12 2022

Would an Employee Ownership Trust benefit your children’s nursery?

Categories: HealthcareTaxation

An Employee Ownership Trust (EOT), when a business is partly or entirely owned by the workforce, can be used to help secure the future of a company. Despite becoming increasingly popular in recent years, there are very few children’s nurseries who have taken advantage of this share option scheme. The first childcare business in Scotland more

Apr 4 2022

VAT for hospitality businesses has reverted to the standard rate of 20%

Categories: LeisureTaxation

The VAT reduction, which was first introduced for businesses trading in the hospitality sector in June 2020, ended on Thursday 31 March with the VAT rate reverting to its original rate of 20%. The reduction in VAT was given to VAT-registered businesses from the hospitality, hotel, and holiday accommodation sectors to financially support them during more

Mar 24 2022

Spring Statement 2022 – Smoke and Mirrors?

Categories: Taxation

Chancellor, Rishi Sunak, delivered his Spring Statement on 23 March and it had almost crept under the radar given other global events. His statement was timed against a backdrop of the deepest cost of living crisis for many a year. For businesses there were some apparent giveaways relating to the higher Employment Allowance, an extension more

Mar 16 2022

The benefit of Gift Aid to the taxpayer

Categories: CharitiesTaxation

Much is made of the benefit of Gift Aid donations to charities, but many taxpayers are missing out on the benefits to them from making these donations. For example, for every 80p donated to charity under the Gift Aid scheme, the Government give 20p tax to the charity – the equivalent of basic rate tax more

Feb 23 2022

Are you ready for Making Tax Digital?

Categories: Taxation

With just over a month until Making Tax Digital (MTD) becomes mandatory for all VAT registered businesses, are you MTD ready? The days of logging into the HMRC website and typing in the nine numbers are almost gone. MTD means you have to keep digital records and file your VAT returns electronically using compatible software. more

Feb 22 2022

The Health and Social Care Levy

Categories: Taxation

In September 2021, the UK Government announced the introduction of a new Health and Social Care Levy (HSCL) to increase funds for the National Health Service. The levy will affect employers, employees and the self-employed from 6 April 2022. In the first year the levy will be collected by a temporary increase to the rates more

Dec 9 2021

Main announcements from the Scottish Budget 2022-23

Categories: Taxation

Finance Secretary, Kate Forbes, delivered the Scottish Budget for 2022/23 to the Scottish Parliament on 9 December 2021. The main areas prioritised in this Scottish Budget were business recovery, the transition to “net zero” carbon emissions and tackling child poverty, with the doubling of the Scottish child payment having already been announced. We’ve highlighted the more