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Filtered By Category: Taxation

Dec 14 2018

Tartan Tweaks – Scottish Budget 2018

Categories: Taxation

Wednesday afternoon saw Scottish Finance Secretary, Derek Mackay, deliver his Scottish Budget address. You’ll recall the UK Chancellor raising the limits for the basic rate band for 2019/20 to £50,000, but the Finance Secretary decided to leave the Scottish basic rate band at £43,430. His justification for this was to raise additional tax revenues though more

Nov 16 2018

Capital Allowances for Structures and Buildings

Categories: Property & ConstructionTaxation

The Chancellor announced at the 2018 budget that the government will introduce a new Structures and Building Allowance (SBA) for new non-residential structures and buildings. Relief will be provided on eligible construction costs incurred on or after 29 October 2018. The key features of the SBA are – Relief to be given at a flat more

Oct 30 2018

Autumn Budget Summary 2018 – Austerity no more?

Categories: Taxation

“Spreadsheet Phil” delivered his Budget address yesterday afternoon, with a clear health warning that it was based on a decent Brexit deal being secured. The end of austerity was proudly announced and the Chancellor headlined measures such as the extension of the Annual Investment Allowance to £1m for capital expenditure (for two years from 1 more

Oct 3 2018

Paying the penalty

Categories: Taxation

Revenue Scotland recently released their 2017-18 Annual Report and Financial Statements, announcing an 11% increase in revenue for devolved taxes, Land and Buildings Transaction Tax (LBTT) and Scottish Landfill Tax (SLfT), from the previous year. They also announced that more than £1.7m of penalties were issued within the year – a 500% increase on 2016-2017 – more

Sep 17 2018

Platinum seal of approval

Categories: Amber AccountingMaking Tax Digital

With just over six months to go until Making Tax Digital (MTD) legislation comes into effect across the UK, we are delighted to be awarded the status of Xero Platinum Champion Partner, the highest possible commendation for our commitment to service innovation and staff development.  Xero is Britain’s leading online accountancy software, one of many more

Sep 14 2018

Are you ready for Making Tax Digital?

Categories: Amber AccountingMaking Tax Digital

HMRC have embarked on a massive project, Making Tax Digital (MTD), to insist that most businesses, including sole traders and landlords, keep their accounting records using computer software. The aim is that the software will automatically update HMRC with relevant data on their business income and expenses on a quarterly basis. From April 2019 VAT more