Read our latest Practice News as well as sector specific and accountancy updates from across the UK.
The Annual Investment Allowance (AIA) provides an immediate deduction to many businesses for the cost of most plant and machinery (not cars) purchased by a business up to an annual limit. The maximum annual amount of the AIA was increased to £500,000 from 1 April 2014 for companies or 6 April 2014 for unincorporated businesses […]
Social media and digital marketing have transformed the way business is carried out. Knowing how to capitalise on this is crucial as more and more customers are using digital technologies to find the businesses they require. This month and next the iNorthumberland programme is hosting two free full day events to demonstrate how Berwick and […]
The Scotland Act 2012 introduced the Scottish Rate of Income Tax (SRIT). This gives the Scottish Parliament power to set Income Tax rates for Scottish taxpayers. It is due to come into effect from April 2016. It will impact employers and employees throughout the UK, not just in Scotland. Who does it apply to? All […]
The UK tax regime provides an important relief from the capital gains tax charge (CGT) on the gains made by owner-occupiers on the sale of their private homes. This is known as Principal Private Residence relief (PPR). The general principle is that only one home can count as a PPR at any one time. However […]
Owner managed companies often seek to minimise the tax position of shareholder-directors by involving members of the same family and using personal reliefs and lower rate tax bands of each person. Income is therefore diverted from the higher rate taxpayer. However, anti-avoidance rules need to be considered as to whether a diversion is effective. This […]