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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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Limiting access to Altinn?

If you have received a letter this week from DIFI (who manage the electronic systems for Skatteetaten), you might think that your access to Altinn may be being limited significantly. You would be right. A copy of such a letter can be accessed here, by clicking this link. What is happening is that Skatteetaten will…

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Auto Enrolment penalties surge

The number of businesses fined for not complying with auto enrolment pension rules surged between October and the end of December last year. The Pensions Regulator (TPR) said that it made 1,021 £400 fixed-penalty notices between 1 October and 31 December on employers that did not automatically put workers into a pension scheme. In the previous quarter it made…

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Years of farming losses disallowed

Years of successive losses disqualified farmer from loss relief The First-tier Tax Tribunal has refused to allow trading tax relief on the losses of a farmer’s sheep-breeding business, because it had made a loss in several successive years and so had no ‘reasonable expectation of profit’ as required by s68 of the Income Tax Act…

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Disqualified director

In very rare circumstances, it is possible for an individual to be disqualified as a director of any limited company. This can arise where the company has been badly mismanaged; where someone has continued to trade and lose money for their creditors, when they should have taken professional advice; where large sums of taxes remain…

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