Blog Kelso : Rennie Welch

Blog

20 Dec 2017

When is a van not a van?

For an ordinary person standing at a busy roadside it would appear that most vehicles can be quite readily distinguished as being cars or vans. The clear cut cases are the obvious passenger vehicles, or a box style of van intended to carry goods. In the world of tax there is a however a huge distinction in treatment, with classification between the two becoming increasingly troublesome and a potentially large tax cost for getting it wrong.

04 Aug 2017

Inheritance Tax relief on Furnished Holiday Lets - a diminishing possibility?

It is widely appreciated that properties let as furnished holiday accommodation receive privileged tax treatment in comparison with residential lettings.

15 Mar 2017

Owner managed company 'dividend tax' bills looming

Shareholders of owner managed companies should bear in mind the imminent arrival of new ‘dividend tax’ liabilities, the first of which will become payable through the Self Assessment system on 31st January 2018.

11 Nov 2016

Capital Allowances

Capital allowances are an important method of tax relief both for the farming business, where expenditure on plant, equipment, machinery and properties can be significant, and for rental properties that are operated as furnished holiday lets.

11 Nov 2016

Farmers' Averaging

Due to the volatility of the faming industry, farming profits can vary significantly from one year to the next.

11 Nov 2016

VAT Deregistration

If you close your business down and deregister for VAT, you make a deemed supply of the goods you have on hand.

16 Sep 2016

Making Tax Digital (MTD)

The 2015 Budget announced the “death of the annual tax return” with a new digital system to be introduced by 2020.

12 Sep 2016

R&D tax funding – don’t miss out

If you asked the average business whether they carry out research and development (R&D) activities, most would respond to say they don’t.

04 May 2016

Is A Family Investment Company Right For You?

Historically, trusts have been the standard way to pass down family wealth to future generations. The Finance Act 2006 introduced changes in the UK's tax regime which significantly curtailed tax opportunities that trusts enjoyed previously.

14 Apr 2016

Capital Allowances on commercial property

When buying or selling a business property it is important to consider the tax implications of the plant and machinery contained in the building.

17 Mar 2016

New and growing businesses

Starting a new business or expanding an existing business can be a very time consuming process and important accounting, taxation and administrative processes can often be delayed in favour of dealing with the day to day operation of the business.

24 Feb 2016

Business Property Relief

Business Property Relief (BPR) is a relief that reduces the taxable value of relevant business property for Inheritance Tax purposes on transfers made both during an individual's lifetime and on death.

18 Feb 2016

End of Tax Year Planning

Now that the 31 January deadline for the filing of 2014/15 Tax Returns has passed most of us who work in tax will turn to think about planning for the end of the 2015/16 tax year, on 5th April 2016.

02 Feb 2016

Annual Tax on Enveloped Dwellings (ATED)

We have seen several instances in recent years whereby seemingly innocent situations and circumstances of farming and landed estate clients have become caught up in changes to tax rules aimed at others.

27 Nov 2015

Scottish Taxpayer Status

Most people will be aware that the Scottish Rate of Income Tax will take effect for Scottish taxpayers from 6th April 2016 however there is less awareness of what will define an individual as a Scottish taxpayer.

09 Nov 2015

Annual Investment Allowance

Capital expenditure is not necessarily an allowable deduction in computing trade profits but it may attract capital allowances.  Capital allowances are treated as a trading expense and are deducted in arriving at taxable trade profits.

09 Nov 2015

Extension of Farmer’s Averaging to 5 years

Following a lengthy period of lobbying, the NFU were pleased when the chancellor announced in the budget in March that he would extend the provision for Farmer’s Averaging to 5 years.

09 Nov 2015

Herd basis

The black arts of the herd basis is akin to a rugby referee’s knowledge of front row play – they think they know what is going on but …….

09 Nov 2015

Fixed Asset Purchases – HP V Leasing.

Many businesses require assets in order to operate but they may not have the capital available to buy the assets outright.  However there are other options available to them in the form of purchasing the asset though a hire purchase agreement, or leasing the asset via an operating lease. 

09 Nov 2015

Keeping your own records

Many traditional businesses still operate traditional book keeping records, and work on the notion that “if it ain’t broke don’t fix it!”

09 Nov 2015

VAT on grazing and keep

For VAT purposes it is important to differentiate between a simple grant of grazing rights (zero rated) and the supply of the keep of animals, which might include a grant of grazing, but is standard rated.

30 Oct 2015

Software Updates

Using accounting software, does, if used correctly, increase the efficiency of record keeping for both yourself and your Accountant.

29 Sep 2015

Disincorporation relief for small companies

Company owners may be reviewing their business structure following the unexpected changes announced to dividend tax rules in the Summer budget, where an increased tax charge on dividends was declared, effective from April 2016. 

29 Sep 2015

Property Business tax changes

Residential property businesses are the latest sector to come under the glare of HMRC with an amnesty to allow undeclared property business profits to be declared but also a focus on the level of tax bills paid by residential property landlords.

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