Communication

Due to the ever changing tax legislation and commercial factors affecting your company, it is advisable to carry out an annual review of your company’s tax position. Pre-year end tax planning is important as the current year’s results can normally be predicted with some accuracy and time still exists to carry out any appropriate action.

Employer Supported Childcare (ESC), commonly by way of childcare voucher, is for many employers and employees a tax and national insurance efficient perk. We consider the implications of this type of benefit on the employer and employee. ESC, which allows a limited tax and NIC exemption for employer-contracted childcare and employer-provided childcare vouchers, has been very popular with both employers and employees alike.

Land and Buildings Transaction Tax (LBTT) is payable by the purchaser in a land transaction which occurs in Scotland. These types of transaction would include a simple conveyance of land such as buying a house but also creating a lease or assigning a lease.

There are two broad types of pension schemes from which an individual may eventually be in receipt of a pension: workplace pension schemes and personal pension schemes. A workplace pension scheme may either be a defined benefit scheme or a money purchase scheme.

Retaining and motivating staff are key issues for many employers. Research in the UK and USA has shown a clear link between employee share ownership and increases in productivity. The government has therefore introduced a variety of ways in which an employer can provide mechanisms for employees to obtain shares in the employer company without necessarily suffering a large tax bill.

The flat rate scheme for small businesses was introduced to reduce the administrative burden imposed when operating VAT. Under the scheme a set percentage is applied to the turnover of the business as a one-off calculation instead of having to identify and record the VAT on each sale and purchase you make.