News and Events - Page 5

The Scottish Budget plans for 2024/25 were announced by the new Scottish Finance Secretary, Shona Robison, on 19 December 2023 and included a new income tax band for higher earners in Scotland.

We are thrilled to bring you the latest update from Greaves West & Ayre's payroll department. In our ongoing pursuit of excellence and innovation, we are excited to announce that we are adopting a new cloud-based payroll platform – PayCircle. This transition is set to enhance the way clients manage their payroll, making it more accessible and secure than ever before.

It has been a busy few months with some great local causes and community events that we are always pleased to support.

If you are considering purchasing a company car, it is important to understand the benefit in kind (BIK) implications. The BIK rules tax any private benefit a director or employee receives from the company. For any vehicle, you need to determine if it is classed as a car or a van.

We often take steps to fund for future retirement, manage our Inheritance Tax position or make Wills, but planning for care needs is seldom at the top of our lists.

In simple terms when we talk about business succession we mean the long-term plan for the business. In practice, it is difficult to cover all of the taxation and accounting issues surrounding succession in business across the generations in one short article, but here goes . . .

We would like to firstly wish everyone a very Merry Christmas and a Happy New Year when the time comes. You can find our opening hours over the festive period here.

Last month we said ‘the key economic indicators could prove not too hot, nor too cold, but just about right for investors to feel comfortable’. There can certainly be no doubt about the stock market’s favourite fairy tale after November’s gains: Goldilocks wins, hands down. With inflation cooling rapidly and GDP and employment figures remaining stable on both sides of the Atlantic, the stock market has shaken off the bears and moved markedly higher.

Our Autumn newsletter offers a brief guide to business succession planning, and an update on planning for care needs, plus we introduce PayCircle - a new cloud-based payroll platform. There's a useful article on Benefit in Kind implications surrounding company cars, and our Community and Staff news update.

5 reasons Self-Assessment customers don’t need to wait on hold

Yesterday, Chancellor Jeremy Hunt delivered his Autumn Statement. We have sifted through the details and hope the following highlights, which we feel will be the most significant to our clients, will be helpful.

Golf clubs have several different income streams that often takes them over the VAT threshold for UK VAT. This leads them to submit a Monthly, Quarterly or Annual VAT return. Most commonly golf clubs will submit quarterly returns. For Golf Clubs, being VAT registered opens the door for them to have to complete a partial exemption calculation.