Your business buys and sells goods and it’s company policy to give some free items to staff. You also personally take some stock for yourself and your family. You amend your stock records for these but what should you do with the VAT? Kenny Logan from our Edinburgh office advises below. There may be occasions...

The rules of VAT are fairly simple. You can reclaim VAT you pay on goods or services you buy for your business and charge your customer VAT when you sell them. But how should you handle VAT where you buy or sell second-hand goods? VAT expert John Craig explains. You may have heard of VAT...

Is there VAT on gift to top salesperson? Q. You operate a car dealership business and have given a case of champagne to your best performing salesperson. Can you claim input tax on the cost of the champagne because each individual bottle cost you less than £50. Is this correct? A. Unfortunately, your interpretation of...

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...

A business associate says he gets a tax break by getting his company to pay a pension contribution for his spouse who’s currently not working. Is this something you should consider?  Head of Payroll and Partner Joanne Gibson takes a closer look below. You are possibly aware that individuals aged under 75 can, in theory,...

You have a deal with a local farmer, giving you first refusal to purchase ten acres of land including buildings if the farmer decides to sell it in the next ten years. Is the farmer right to charge VAT on the fee and can you claim input tax? Vat expert John Craig explains below. A...

It’s common for directors and employees to buy things for the company in their own name or to use their personal Amazon account for convenience. The problem is that the invoice is then addressed to them and not the company. Can you claim the VAT back?  VAT Expert John Craig provides the answer. The key...

You want to reduce the potential inheritance tax (IHT) on your estate. An acquaintance has suggested transferring ownership of your home to your children. HMRC rules say that this does not work if you still live in it. Is there a way to legitimately avoid this the rule?  Find out more from Head of Tax...