Forthcoming Companies House reforms are due to come into effect, says NICOLA CAMPBELL Businesses should prepare for significant changes to how company accounts are prepared and filed as a series of reforms begin to take effect. Companies House changes, alongside new UK GAAP requirements for presenting financial statements that are due to come into force […]
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Making Tax Digital is here. Are you ready?
A big change in filing accounts is about to come into effect, says FRASER CAMPBELL Landlords, sole traders and the self-employed are being urged to prepare for ‘the death of the traditional tax return’ in April. Those with gross income above £50,000 per year will have to comply with a new Making Tax Digital (MTD) regime. […]
Time to simplify Scotland’s tax rules
A needlessly complex tax regime needs better alignment with England, argues DONALD PARBROOK While the fiscal position may leave Shona Robison, the outgoing SNP Finance Secretary, with relatively few options, taxpayers in Scotland surely find the Scottish income tax rates and bands system needlessly complicated. The rest of the UK has three income tax bands […]
Tax relief warning to construction firms
HMRC is closely scrutinising contracted out construction R&D claims, writes GEMMA MONAGHAN Scottish construction companies need to be fully aware of new legislation for ‘contracted out’ research and development (R&D) tax relief claims as HMRC is closely scrutinising applications and the language used in the contracts. The contracted-out legislation update has been welcomed as a […]
How to avoid the new fraud trap
Businesses could face prosecution if they fail to meet new fraud compliance requirements, writes DAVID HOUGHTON Big companies need to take heed of a new regulation that extends the scope of fraudulent activity. If they don’t comply they could find themselves being prosecuted if fraud is committed by someone acting on their behalf – even […]