Jun 13 2023 Supporting our clients, Crosbie Matthew, to invest in their business Categories: Property & ConstructionTaxation Our Glenrothes team have been working with Crosbie Matthew Funeral Directors Ltd, one of Fife’s longest established family firms, for nearly 15 years. We work closely with the team, acting as a sounding board and providing our advice on many matters above standard compliance and recently helped them in the planning process of their recent more
May 4 2023 Basis period reform: what does it mean for your farming business? Categories: AgricultureTaxation From 6 April 2023, HMRC implemented reforms to the basis period method of assessment which will affect all sole traders, partnerships and LLPs that currently do not prepare their annual accounts to a year ending between 31 March and 5 April. The previous basis period rules Under the previous rules, all unincorporated businesses were assessed more
Apr 21 2023 Basis Period Reform – time to start planning Categories: LeisureTaxation The UK Government have confirmed that the basis period reform will go ahead as planned. This means that the profits and losses of sole traders and partnerships, of which many Furnished Holiday Let (FHL) businesses are operated, will be calculated based on the tax year itself, not the accounting period ending in the tax year more
Mar 22 2023 Changes to the Option to Tax notification process Categories: Property & ConstructionTaxation The Option to Tax (OTT) allows a business to charge VAT on the sale or rental of commercial property. This effectively turns an exempt supply, on which you cannot recover any VAT, into a taxable supply subject to the normal rules. The attraction of the OTT is that it allows you to recover VAT on more
Mar 15 2023 Spring Budget 2023 Categories: Taxation Chancellor, Jeremy Hunt, delivered what he termed as a “Budget for Growth”, which is “long term & sustainable”. The first headline statement was that the International Monetary Fund confirmed that the UK will not enter a technical recession this year. Furthermore, the Office of Business Responsibility report that inflation will fall from 10.7% to 2.9% more
Oct 17 2022 New Chancellor reverses more tax cuts from Mini-Budget Categories: Taxation In his first speech as the new Chancellor, Jeremy Hunt, reversed almost all the tax cuts announced by his predecessor in the Mini-Budget three weeks ago. This follows on from the announcement on Friday that the Corporation Tax rise would go ahead as planned, increasing to 25% from 1 April 2023. As part of today’s more
Oct 14 2022 Mini-Budget U-turn – Corporation Tax rise reinstated Categories: Taxation In a dramatic turn of events, starting with the departure of Chancellor Kwasi Kwarteng, Prime Minister, Liz Truss, confirmed the rumour circulating for the last two days that the UK Government would reinstate the corporation tax rise to 25% with effect from 1 April 2023. Whilst the short term changing of policy is singularly unhelpful more
Oct 6 2022 Gift Aid Awareness Day 2022 Categories: CharitiesTaxation Every October since 2018, charities have been invited to participate in Gift Aid Awareness Day. Gift Aid Awareness Day is organised by Charity Finance Group and this year’s campaign is #TickTheBox which focuses on the value of Gift Aid on the people and communities they serve. Gift Aid is a tax relief for charities in more