The Managing Director of a company, who is also the main shareholder, has given loans of £25,000 to the company to support it through the economic downturn. The company’s losses for the latest year end are £30,000. As the director’s loan is currently showing as a liability, the director is considering writing it off to...

You received a new laptop for Christmas which you will use for work. Even though it cost you nothing, can you claim a tax deduction in respect of the business use?  Kenny Logan from our Edinburgh office provides the answer below. A gift with extra benefit It’s nice to receive gifts and apart from thanking...

What do the NI rate cut changes mean for both the employed and the self-employed? And what action do you need to take, if any?  Natasha Crockatt from our Payroll team explains below. Classes 2 & 4 currently The self-employed currently pay two classes of NI contributions – Class 2 and Class 4. Class 2...

From all at JRW Hogg & Thorburn we wish you a very Merry Christmas and Happy New Year   Our offices will reopen on the 4th January at 9am

HMRC has recently changed its guidance on electric vehicle (EV) charging costs. If you are an employer who followed HMRC’s original guidance, what steps should you now take?  Audrey Rankine explains. After a long wait HMRC has corrected its guidance on the tax and NI treatment of payments by employers to employees for electric vehicle...

You have heard that all equipment bought for your business now qualifies for 100% relief as a deductible expense, so there’s no need to keep a separate record of it as expenditure. Is this correct and why does it matter? Naomi Swan provides the answer. The Spring Budget 2023 introduced full expensing which temporarily applies...

The main rate of corporation tax increased to 25% from 1 April 2023. The relevant thresholds must be shared between companies that are Associated, which means the increase will affect some businesses more than others. Is there a way around the problem?  Kenny Logan from our Edinburgh Office explains here in this article. Since April...

Are you thinking about making the move to electric company cars and vans or looking to provide more electric vehicle (EV) charging points for your workers’ own cars?  Naomi Swan advises below. Then you should consider taking advantage of the Workplace Charging Scheme (WCS). It’s a voucher-based scheme that provides eligible businesses with support towards...

You are the sole shareholder and director of a growing company. After a good year, you want to celebrate with the employees who helped and worked with you over the year. Will HMRC allow tax relief if you put the expense of entertaining everyone through the business?  Kenny Logan from our Edinburgh office outlines the...

As an owner manager of a company, taking income from it in the most tax and NI-efficient way is probably a top priority. The general view is that dividends are the best option, but when might benefits in kind be better?  Kenny Logan from our Edinburgh office takes a closer look. Benefits in kind are...