Blog Kelso : Rennie Welch


28 Sep 2018

Inheritance Tax relief on Furnished Holiday Lets - a glimmer of hope?

Properties let as furnished holiday accommodation can receive privileged tax treatment when compared to residential lettings. If certain qualifying conditions are met the activity can be treated as a trade for Income Tax and Capital Gains Tax (CGT) purposes.

13 Sep 2018

Farming Succession

One of the most challenging aspects of running a successful farming business is ensuring continuity over the generations. As part of a succession plan it is important to look at the ownership of the farm.

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.

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