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Christmas and New Year Office Hours

Our Festive Opening Hours for our Offices are detailed below -

Payroll Changes

Attention! An important change in legislation will be taking affect in April 2026 which will affect payroll processes.

Another U-Turn On Double Cab Pick-ups

As you may be aware, in February 2024 HMRC proposed a change in relation to the tax treatment of double cab pick-ups for both capital allowances and benefit in kind (BIK) purposes. They then quickly changed their mind around a week later and decided not to implement the changes. However, following the most recent Budget the Government have again decided these changes should be put in place.

Abolition of the Furnished Holiday Lettings Regime

The favourable tax regime for Furnished Holiday Lettings (FHLs) was first introduced in 1984. Forty years later, in the Spring 2024 Budget the then Chancellor of the Exchequer, Jeremy Hunt announced its abolition from 6 April 2025.

Employers’ National Insurance Contributions (NICs)

The biggest revenue raiser in the Budget was the changes to NICs. The increase in Employers’ NICs (increasing from 13.8% to 15% from April 2025) grabbed many of the headlines. What has been largely overlooked is the reduction in “Secondary Threshold” from £9,100 to £5,000. Allied to the increase in the National Living Wage, the changes will particularly affect those in the care, retail, hospitality and cleaning/maintenance sectors.

Inheritance Tax

It is difficult to recollect a more seismic Budget in recent times. The last major changes to Inheritance Tax were made in 2006, but mainly in relation to Trusts. There was an expectation that Inheritance Tax reliefs would be reformed, most likely for landlords who lease out land which qualifies for Agricultural Property Relief (APR). It was considered much less likely that Business Property Relief (BPR) would be reformed, and there was a distinct lack of speculation in this regard.

End of Year Tax Planning

Wednesday 5 April 2025 sees the end of the current Tax Year. Following the new Chancellor's plans to continue to freeze
and in some cases reduce tax-free allowances; it is more important than ever to make the most of some timely tax planning.

Scottish Budget 2025/26 – Highlights

Shona Robison delivered her second Scottish Budget as Finance Secretary yesterday, 4 December 2024. We round up some of the highlights in our Scottish Budget review.

Global Market Commentary – November 2024

The re-election of Donald Trump to the US Presidency has caused another large rise in US stocks, which were already doing very well. Indeed, his “America first” ideology is reflected in the way US stocks have outperformed others recently.

Return your records to us as soon as possible

Reminder – we would like to prompt all our clients to submit your accounts and personal tax records to…

UPDATE – Card Payment Issues

UPDATE to our recent card payment issues

Autumn Seminar – Post Budget Rural Update [Haddington]

10 December 2024