Stamp Duty Land Tax (SDLT) is payable whether you buy a freehold property, a new or existing leasehold property or a shared ownership property. SDLT has been replaced in Scotland by the Land and
Stamp Duty on shared ownership property
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Mobile phones and tax
When an employer incurs costs for the provision of mobile phones to employees it is important to understand the correct tax treatment of these expenses. This includes costs for phones provided to
Retaining an interest in a gift
The settlements legislation is contained in s.624 ITTOIA 2005. The legislation seeks to ensure that where a settlor has retained an interest in property in a settlement that the income arising is
VAT on imported vehicles
The Notification of Vehicle Arrivals (NOVA) is an online notification system for vehicles entering the country for permanent use on UK roads.
You can use the service if you are:
a VAT-registered
When do you pay tax at Scottish Income Tax rates?
The Scottish rate of Income Tax (SRIT) is payable on the non-savings and non-dividend income of those defined as Scottish taxpayers.
The definition of a Scottish taxpayer depends on whether the
Less could be more
Is there mileage in the old adage that it is unwise to keep all your eggs in one basket?
Most businesses build an expanding customer list; each customer a separate income stream for their
Rent-a-room relief
The rent-a-room scheme is a set of special rules designed to help homeowners who rent-a-room in their home. If you are using this scheme, you should ensure that rents received from lodgers during the
Scottish government announces new childcare initiatives
Scotland’s new First Minister Humza Yousaf has announced a new £15 million investment to help tackle child poverty. This investment will see thousands more low-income families benefit from free school
Take advantage of new pension tax reforms
The new pension tax reforms that were announced in the recent Spring Budget took effect from 6 April 2023. The old £40,000 cap on annual pension contributions has been increased by 50% to £60,000,
Starting a new business?
One of the issues you will need to consider if you are starting a new business is the business structure. There are three commonly used forms to choose from, each with advantages and
The Let Property Campaign
The Let Property Campaign provides landlords who have undeclared income from residential property lettings in the UK or abroad with an opportunity to regularise their affairs by disclosing any
Tax-free savings interest
The Personal Savings Allowance (PSA) was launched in April 2016. For basic-rate taxpayers the first £1,000 of interest on savings income is tax-free. For higher-rate taxpayers the tax-free personal
Tax Diary May/June 2023
1 May 2023 – Due date for corporation tax due for the year ended 30 July 2022.
19 May 2023 – PAYE and NIC deductions due for month ended 5 May 2023. (If you pay your tax electronically the due date
What is profit?
When accountants or other interested parties refer to business profits, they are likely to mean the difference between sales and costs, and more concisely, that sales exceed costs.
However, the word
NMW non-compliance penalties
Employers must ensure they are paying staff at least the National Minimum Wage (NMW) or National Living Wage (NLW). The NMW and the NLW are the minimum legal amounts that employers must pay their
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