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Taxation

CIS Refunds

Over the past 18 months, Kirstyn Campbell has been very busy in our office preparing, submitting and managing CIS Refunds for new clients, and clients we acquired through acquisition. She has worked exceptionally hard at gathering the information, especially as some of the claims were outstanding for the last four years, due to the previous…

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Victory at a VAT Tribunal

Angus Nicolson recently represented a client at a VAT Tribunal.  The following is an anonymised account of what happened. The agent told the taxpayer that they should have been registered for VAT much earlier; and they, the agents, had failed to notice this when preparing the previous accounts and tax return. A registration application was…

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Limited Cost Traders – FRS VAT implications for FRS

The new limited cost trader category – updated A new flat rate category for limited cost traders will be introduced on 1 April 2017. What are the detailed rules, and are there ways to avoid having to apply the new punitive rate? Background The proposed changes to the flat rate scheme (FRS) that were announced…

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Scottish Tax rates differ from the rest of the UK

In the Scottish Budget today, Finance Secretary Derek MacKay set the Scottish Tax levels.  He announced that the higher rate tax band for individuals resident in Scotland would not increase by as much as that in the rest of the UK. This is part of the devolution settlement which allows the Scottish Parliament to vary…

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British Accountancy Awards – we were winners!

Sue and Angus attended the British Accountancy Awards in The Brewery, London this week, where Nicolson Accountancy was selected as the “Independent Firm of the year – Scotland“. We were obviously delighted to have been selected, and it is a huge reflection of the hard work of the entire team that we have been recognised…

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Companies must check their CT600 online

Moving towards to Making Tax Digital “Making tax digital” is the latest change to CT600 forms that will affect taxpayers and although it is some distance away HMRC is making major structural changes in preparation. The latest moves, which it announced on 19 September 2016, include withdrawing tax return confirmations for companies. No more CT600…

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Personal  bank statements can be business records

The First-tier Tribunal has confirmed that a taxpayer’s statutory records can include statements for a personal bank account if the account is used for business purposes. As a result, HMRC’s information notice requesting those statements was not appealable. Akrill v HMRC [2016] UKFTT 0550 (TC). The First-tier Tribunal has confirmed that a taxpayer’s statutory records can…

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Attention – Judge & Co clients

If you were formerly a client of Judge & Co and you receive a penalty notice for Kate filing of any tax, then please let us know immediately.  We have unfortunately come across a huge number of penalties arising due to the failure by Judge & Co to submit tax returns, despite promising clients that…

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Acquisition of Judge & Co

We are delighted to announce that we have acquired the practice of Judge & Co, Chartered Accountants, of Glasgow with immediate effect. Judge & Co was founded in 1999 and serves over 200 clients across Scotland, providing personal tax and accounting services, very similar to our existing clients. The clients and staff of Judge will…

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Changes to dividend tax

Dividend tax is changing We have circulated a newsletter for clients to outline the changes in dividend tax which will occur in April 2016, and you can download a copy of the newsletter by clicking here. This is an attempt to provide some more detailed information which cannot really be covered in the newsletter, and…

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