Categories
Resources

Get on your bike!

Did you know that you can claim business mileage for riding your bike at work? Here is how to get fit, save tax, and protect the environment. Do you use a bike at work to go and visit customers, suppliers or your Accountant? A little know fact is that you can claim business mileage for […]

Categories
Resources

Don’t be afraid to ask for help from an Expert !

As human beings we are very good at putting things off and not asking for help when we need it. Chris tells the tale of a learning a painful lesson (and a broken finger) Chris writes: I’ve learned a lesson on procrastination and not asking for help when I needed it. A couple of weeks […]

Categories
Resources

Accountants Edinburgh – Brexit Planning for the Creative Industries

Do you run a Creative or Digital Business? One Accounting is a firm of tech-savvy, award-winning Chartered Management Accountants based in Edinburgh. Click to know more! Do you run a Creative or Digital Business? The government has released a 10-point plan to follow in the event of a no-deal Brexit. If you have customers in […]

Categories
Resources

Can I employ a family member?

Can I employ a family member in my business? How much should I pay them? What are the pitfalls to avoid? Many small businesses, whether incorporated or not, pay family members for working for the business. However, as a recent case shows, it is easy to make mistakes which can prove costly. The case in […]

Categories
News

Radical Changes to Scottish Tax Rates

Scotland’s Finance Secretary has announced radical changes to income tax rates for 2018/19. These will affect Scottish taxpayers, and their employers, all over UK. What’s the full story? More or less tax? In his budget of 14th December, Scotland’s Finance Secretary made a big deal about cutting the tax bill for 55% of Scottish taxpayers […]

Categories
Resources

Using loan trusts to save IHT

A loan trust can be used as a vehicle to save inheritance tax, whilst retaining the ability to access the funds lent to the trust. A loan trust can be used as a vehicle to save inheritance tax, whilst retaining the ability to access the funds lent to the trust. How does it work? There […]

Categories
Resources

Claiming tax relief for employment expenses

In most cases, employees will be able to claim back any expenses that they incur in doing their job from their employer. However, where the employer will not reimburse the employee’s expenses, there may be tax relief to be had. In most cases, employees will be able to claim back any expenses that they incur […]

Categories
Resources

Starting a business – what profits are taxed?

An unincorporated business pays tax on what is known as the `current year basis’. This means that, as a general rule, the profits for a tax year are taxed by reference to the profits for the 12 months to the accounting date that ends in that tax year. An unincorporated business pays tax on what […]

Categories
Resources

Annual investment allowance

The annual investment allowance (AIA) is a capital allowance that enables a business to write off the cost of most items of plant and machinery in full against profits in the year in which the expenditure is incurred. The annual investment allowance (AIA) is a capital allowance that enables a business to write off the […]

Categories
Resources

Rent-a-room scheme – Making money from your spare room

Under the rent-a-room scheme, it is possible to earn tax-free income from letting out a furnished room in your own home to a lodger. You can even use the scheme if you run a bed-and-breakfast or a guest house. Making money from your spare room Under the rent-a-room scheme, it is possible to earn tax-free […]