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 8 2022 Am I an employee but don’t know it? Categories: Professions In a previous article, we discussed the implications of getting your employment status wrong and how a few high-profile individuals have been questioned by HMRC. Since then, an updated IR35 legislation came into effect on 6 April 2021 and HMRC have now begun to flex their muscles to enforce those rules. We have recently seen television more
Apr 5 2022 How we are supporting our clients, Alan Johnstone Studios Categories: EQ NewsProperty & Construction There are many reasons why businesses may want to change accountants – your needs may have changed, or you require more specialist support. While there are many good accountants around, finding the right accountant for your business can make a huge difference to its growth and success. The team at Alan Johnstone Studios, an independently 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
Apr 1 2022 A warm welcome to our new Partner Categories: EQ NewsPeople We are delighted to welcome Gordon Buist as a new Partner in our Glenrothes office. Gordon joins us on 1 April, having previously worked at Dunfermline based practice Condies as their Director of Tax. Born and bred in Fife, he is a qualified Chartered Accountant, Chartered Tax Adviser, and a Fellow of the Chartered Institute more
Mar 24 2022 The Omicron Business Support Fund Categories: COVID-19Leisure Earlier this year, Scottish Tourism Minister, Ivan McKee, announced details of a financial package worth up to £9 million for Scotland’s vital tourism sector. The top-up payments were given to recipients of previous VisitScotland funding and were designed to recognise the loss of revenue specifically between 8 December 2021 and 21 January 2022 in the following areas: coach operators 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