Latest News

Jul 22 2019

Revenue Scotland to upgrade their online tax collection system

Categories: Professions

This month, Revenue Scotland will be upgrading their online tax collection system, known as SETS (Scottish Electronic Tax System) which will affect the submission of Land and Buildings Transaction Tax (LBTT) returns. Revenue Scotland is seeking to make the change over to the new system as seamless as possible, with all of the data in the more

Jul 12 2019

How park owners can improve their Business Property Relief qualifying status

Categories: Leisure

Business Property Relief (BPR) ensures, on death, that ownership of a business can pass through the estate of the deceased person, to the beneficiaries, without any inheritance tax (IHT) applying.  Securing status is an implicit acceptance that the business is trading too, thereby allowing owners to claim capital gains and other tax reliefs. Recent case more

Jul 10 2019

Double celebration with the ICAS Top 100 Young CAs 2019 announcement

Categories: People

We are excited to announce that two of our newly appointed Principal Managers have been named in 2019’s ICAS Top 100 Young CAs list. Rachel Bell, based in our Dundee office, and Scott Greig, who is based in our Cupar office, are both recognised on the prestigious list as rising stars and ones to watch in the future within more

Jul 9 2019

Why are engineering and manufacturing firms ‘missing out’ on the increased AIA?

Categories: Engineering & Manufacturing

The Autumn Budget announced the temporary increase in the Annual Investment Allowance (AIA) limit, from £200,000 to £1million. This increase will remain until 31 December 2020, meaning businesses will have a two-year window to take advantage of this higher limit. The increase to the AIA will allow engineering and manufacturing businesses to obtain 100% tax more

Jul 5 2019

Are you signed up for Making Tax Digital?

Categories: Amber AccountingMaking Tax Digital

Making Tax Digital (MTD) is now live and if you meet the criteria for mandatory submission of VAT returns, then you should have received a letter from HM Revenue & Customs confirming this. By now you should have checked that you have suitable accounting software or ‘bridging’ software, to enable you to submit your VAT more

Jul 2 2019

Diversification – don’t forget the tax!

Categories: Agriculture

Farming can be challenging, and often unpredictable, so more and more farmers have looked to diversify their business. Whether it is in the form of renting out land, converting farm cottages into holiday lets or investing in renewable energy equipment, it is important to consider the various tax implications of diversifying your farm business. VAT more

Jun 25 2019

Increase to charities’ small trading exemption limits

Categories: Charities

From 6 April 2019, HMRC increased the small trading tax exemption limits for 2019/20. The exemption allows charities, who have trading income not relating to their primary purpose, to still be exempt from paying tax, providing they meet the annual income criteria. The previous limits were: The new limits from 6 April 2019 are: These more

Jun 20 2019

How access to funding has increased the number of start-up Games Studios

Categories: Technology

TIGA recently carried out new research that shows the number of games studios has increased in the last year by 5.7%. Perhaps, as would be expected of the sector, the research also showed a large number of start-ups and closures. The Chief Executive of TIGA, Dr Richard Wilson, commented: “The rise in start-ups is due more