Buying a company car is considered quite a good option to save overall tax liability. However, the benefits differ for sole proprietorships and for limited companies and it also depends on the CO2 emissions of the vehicle purchased.
Anyone running their own business around Aberdeenshire knows how important keeping on top of their accounts is. From annual tax returns to quarterly VAT returns, monthly payroll and more, this is an area you cannot afford to ignore. The best option for most business owners is to hire an accountant…
In Scotland, the hospitality industry is a vibrant tapestry of history, culture, and breath-taking landscapes. From bustling cities to picturesque countryside retreats, the sector caters to a diverse array of visitors. Yet, it’s no secret that this industry faces unique challenges due to its seasonality. Managing cash flow effectively is…
Electronic Sales Suppression (ESS) has become a growing concern for the UK government in recent years. This illicit practice involves manipulating electronic records to understate sales, leading to tax evasion and significant revenue loss. This article aims to provide an overview of ESS, explore its consequences, and delve into the…
Managing financial obligations and optimising tax planning are essential for UK company directors and owners. In this blog, we will delve into the intricacies of budgeting for corporation taxes, dividend taxes, and salary planning. By following effective strategies and understanding the nuances of tax regulations, directors and owners can optimize…
Buying a company car is considered quite a good option to save overall tax liability. However, the benefits differ for sole proprietorships and for limited companies and it also depends on the CO2 emissions of the vehicle purchased. Register to read more Login: Username Password Remember Me Register: First Name…
Leasing company cars is gaining more popularity nowadays, especially due to its positive tax implication. Businesses generally have two options, they can either buy the business car or they can take it on lease. In order to make a well-informed decision, the benefits and drawbacks of both these options should…
Our observations are that businesses in the hospitality sector are losing on genuine VAT savings due to lack of proper advice. For example, you may not have registered for the right scheme, you don’t have a strong bookkeeping system which ensures you can claim every single VAT expense without failure,…
The government have accumulated record amount of debts during COVID-19 pandemic, which has inevitably forced the UK to now set a high tax, low spending trajectory of at least 5 years. No doubt we will be going through a very difficult time!
Making Tax Digital for income tax will become compulsory for self-employed landlords who make more than £10,000 per year in April 2024. The new MTD system will replace keeping tax records on paper.
ne of the most important decisions you can make as a business owner is whether or not to hire an accountant. Hiring an accountant will save you time and money, help with business decisions, and give you more time to focus on other aspects of your business. In this blog,…
Running a business is hard work. It’s challenging and stressful and it can be easy for things to go wrong if you aren’t careful. There are many reasons why businesses fail, the most common being the lack of proper planning. In this blog, we look at 4 common reasons why…
Charitable Trusts exist solely to help others – yet with all their good intentions they could benefit from a little help themselves, on occasion. This is where business grants come in. There are plenty of different grants available to help Scottish businesses, but did you know you can also apply…
Securing a transfer of going concern (TOGC) when purchasing a property is a good way to save money by purchasing it as a business asset. Any transaction that qualifies for TOGC avoids paying the value-added tax on that property, provided they fall within the rules of the TOGC. In this…
