Scotland’s 2024 Budget delivers on public priorities with investments in services, poverty reduction, and economic growth. Tax rates stay frozen, but bands shift to protect low incomes. A hopeful step
Scottish Budget Statement 2025-26
read more
blog
Could you claim R&D relief?
From April 2024, UK businesses can access enhanced R&D tax relief through the merged RDEC and new ERIS schemes. With generous deductions and credits for R&D-intensive projects, the schemes
Self-assessment scam warning
Scammers are on the rise as the Self-Assessment deadline nears! HMRC warns that HMRC never emails or texts about tax refunds. Stay alert, report suspicious contacts, and protect your money from
No tax changes for online sellers
Selling online? From 2024, digital platforms must report your information to HMRC if sales exceed £1,700 or 30 goods a year. Casual sellers are exempt, but regular traders may need to register for
Are you eligible to claim the Marriage Allowance?
Could you save up to £1,260 in tax this year? If one of you earns less than £12,570, the Marriage Allowance lets couples transfer unused personal allowances. Don’t miss out on this easy tax
IHT nil rate band reduction for large estates
Married couples and civil partners may be able to pass on up to £1 million of their estate tax-free with the Residence Nil Rate Band. Claiming this transferable allowance could secure your family home
Launch Your Dream Business: 10 Must-Know Steps
Starting your own business is exciting but can be overwhelming if you’re not prepared. To help you navigate the journey, we’ve compiled a list of 10 key considerations that will set you up for
Government Unlocks Success for Small Businesses
Small businesses across the UK can now access streamlined support and advice through the newly launched Business Growth Service, designed to simplify and enhance the way SMEs engage with government
Apply for or locate a National Insurance number
If you have lost or forgotten your National Insurance number, there are several ways to retrieve it.
You can find your National Insurance number:
On a document you already possess, such as a P60,
Tax if you live abroad and sell UK home
One of the most commonly used and valuable exemptions from Capital Gains Tax (CGT) is for the sale of a family home. Generally, there is no CGT on a property that has been used as your main family
How to interpret your tax code
The letters in your tax code indicate whether you are entitled to the annual tax-free personal allowance. These codes are updated each year and help employers calculate how much tax should be deducted
Transfers of assets abroad
A new rule aimed at preventing individuals from using companies to avoid taxes through the Transfer of Assets Abroad (ToAA) provisions applies to income arising to persons abroad on and after 6 April
Protect your land and property from fraud
It is important to take the necessary steps to protect your land and property from fraud.
You are at a higher risk if:
Your identity has been stolen
You rent out your property
You live
VAT Flat Rate Scheme overview
The VAT Flat Rate Scheme allows businesses to pay VAT as a fixed percentage of their total turnover, which includes VAT. The applicable percentage varies based on the business type. This scheme is
Tax Diary January/February 2025
1 January 2025 – Due date for Corporation Tax due for the year ended 31 March 2024
19 January 2025 – PAYE and NIC deductions due for month ended 5 January 2025. (If you pay your tax electronically
Small Business - Smart Thinking - because YOUR ACCOUNTS MATTER
