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VAT Registration tips and hints

FORWARD LOOKING TEST The main VAT registration test for an unregistered trader is based on traders checking historic sales on a rolling twelve-month basis to ensure they have not exceeded £85,000. But there is also a second test to consider. You must register for VAT if your forecast taxable sales exceed £85,000 in the next…

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Leases and IFRS 16

Ifrs 16 ready

IFRS 16 is a new international accounting standard for reporting lease transactions.  This will become effective for periods commencing 1 January 2019 if your business prepares its accounts under International Financial Reporting Standards (IFRS) or FRS 101. If your accounts are prepared under FRS102 or FRS105 then you don’t have to worry about this quite…

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Directors, their address, and legal requirements

Address information is held by Companies House

If you form a limited company there are many responsibilities as a director.  One of these is about accounting and one is about transparency of your address. All company directors need to report certain addresses to Companies House, and these will appear on the public record. Old documents are still searchable, so details of your…

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High Income Child Benefit charge

Anyone who is responsible for a child should claim Child Benefit at a rate of £20.70 per week for the first child, and £13.70 for each subsequent child.  What’s quoted are the 2018/19 rates and changes should be updated on the HMRC Child Benefit pages once they occur. If more than one person is looking…

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Capital Gains Tax and PPR relief

How to avoid capital gains on PPR

Capital Gains Tax is chargeable on all gains, including your Principal Private Residence (“PPR”), but there are some allowances and deductions which can reduce the tax you have to pay. We were recently asked by a client who had been working abroad about the tax liability on her UK home, which she had now returned…

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Scottish Asian Business Awards

Sponsors of the Asian Business Awards

Nicolson Accountancy were delighted to have sponsored an award at the 2017 Scottish Asian Business Awards. It is always an excellent night for us to celebrate the business success and business acumen of the Asian community in Scotland.  The venue of the Crowne Plaza, Glasgow, was superb and because of this the excellent atmosphere made…

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OSCR accounts are an advert

Nicolson Accountancy work with OSCR

For a few years now we have been advising our clients to treat their OSCR accounts as advertisements for their activities. Now OSCR are giving exactly the same advice. OSCR say… “Did you know that if you publish your accounts on your website or Facebook , we can include this link on your Scottish Charity…

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CIS Refunds

HMRC logo

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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