Chartered Tax Advisers & Accountants

News


WHO WILL BE A SCOTTISH TAXPAYER?

Published On: 30/03/2016

Scottish taxpayers will come into existence from 6 April 2016.  For most taxpayers the position will be straight forward but for many (including service personnel) there is still considerable uncertainty as there is not yet a final legal definition.  In our view this is highly unsatisfactory and means a number of our clients will not know their tax status until well after the tax year has started.

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Scottish Income Tax

Published On: 30/03/2016

Scotland’s First Minister has announced that if she remains as the First Minister after the May election, the Scottish government will not follow the UK Chancellor’s plans to increase the basic rate threshold from £32,000 to £33,500 from April 2017.  Instead any increase will be based on inflation only.  If re-elected, there will be no variation on income tax rates even though the Scottish government has the power to do so.

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Budget 2016 - A Rabbit Or Two!

Published On: 18/03/2016

With the deferral of the pension changes, the headlines were undoubtedly the introduction of the “Sugar Tax” and the severe cuts in state benefits that had been widely forecasted.

For once, we are pleased to say that for many of our clients, the impact of the measures announced in Budget 2016 are unlikely to be significant and in certain cases favourable. Multi-nationals and soft drinks manufacturers were clearly the focus of most new tax measures whilst some of our clients will benefit from the changes announced to taxation for the Oil and Gas sector.

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Budget 2016 - Employment Tax

Published On: 18/03/2016

Employment Taxes – Changes effective from 6 April 2016

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Dispensation

Published On: 18/03/2016

From April 2016, P11D dispensations for expenses will be abolished and will be replaced by new rules, which will cover payments to employees that are deemed to be tax exempt expenses.

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Budget 2016

Published On: 17/03/2016

Aside from the inevitable and well trailed cuts to Public Spending, in the absence of the now deferred (indefinitely) pension reform, the main headlines were the introduction of a “Sugar Tax” on soft drinks from April 2018, cuts to Small Business Rates (England only) and reductions in capital gains Tax which will take effect from 6 April 2016.

We are currently working on our summary of how the Budget changes announced yesterday will affect clients and this will follow shortly.

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Budget 2016 - At A Glance

Published On: 17/03/2016

Our "At A Glance" guide to Budget 2016.

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Celebrating 20 years of M&S

Published On: 03/03/2016

This year sees M&S celebrating 20 years since formation by Stewart McKinnon and Jim Slater.  Thanks to all our clients, staff, family and friends who have helped us achieve this milestone.

Throughout the year we will take a light-hearted look back at 1996 and the changes in the world of taxation and beyond, since M&S started on 2 September 1996.

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