Changes to termination payments

Care is always required when employees are made redundant or payments are made on the termination of employment. Not only are there employment law considerations, there are also important tax implications and this is an area where professional advice is strongly...

Tax efficient extraction of profit from companies for 2018/19

The new tax year means that many directors of family companies will be considering the most tax efficient method of paying themselves. For many years accountants and tax advisors have suggested that director/shareholders should extract profit by paying themselves a...

Scottish income tax rates due to rise from 6 April 2018

The Scotland Act 2016 provides the Scottish Parliament with the power to set all income tax rates and bands that will apply to Scottish taxpayers’ non-savings, non-dividend (NSND) income for tax year 2018/19. From 6 April 2018, there will be significant discrepancies...

Charities gift aid small donations scheme

Whilst on the subject of the reduction in cash transactions, we take the opportunity remind you of the Gift Aid Small Donations Scheme (GASDC). Under this scheme, a charity or community amateur sports club (CASC) can claim top-up payments on small donations up to £20....

Cash and digital payments in the new economy

One of the announcements in the Spring Statement was the possible demise of the 1p and 2p coins and the £50 note, but for different reasons. It seems that more and more of us are paying for small transactions such as our morning coffee by using contactless payments....

Tax relief for energy saving technology

For a number of years there has been a generous 100% tax break for businesses that install energy saving technology in their premises. This is in addition to the £200,000 annual investment allowance for plant and machinery. The technology that qualifies for this 100%...