Tax

Recent statistics have revealed that out of over 460 businesses across Scotland that hold, or are within the process of applying for a patent, only 70 have utilised the relief, according to business advisory firm Haines Watts. The firm has launched a new specialist arm of their tax incentives and re

The Chartered Institute of Taxation (CIOT) has warned that high earners in Scotland will face an effective 68% tax rate if First Minister Humza Yousaf proceeds with a new charge under consideration. The higher rate is a combination of:

A 71-year-old fish firm boss, Raymond Esslemont, who dodged £295,599.97 in taxes, has been deemed as too unwell for jail and may serve his punishment by completing woodwork projects from home.

“Baffling” VAT food and drink rules which see milkshake powders taxed differently according to their flavour should be reformed, says the Association of Taxation Technicians, as the tax celebrates its 50th anniversary on Saturday. Chocolate flavoured powders attract zero VAT while strawb

A Scotland-only business rates surcharge is set to cost firms a cumulative £180 million over the next three years, the Scottish Retail Consortium (SRC) has warned.

The new Finance Bill published yesterday introduces three new taxes, taking the total number of taxes introduced this century to 24. Apart from two one-off levies, and the Health and Social Care Levy (which was repealed before it came into effect, and is not included in the total above), none of the

The Association of Taxation Technicians (ATT) has warned companies claiming R&D tax relief, and their advisers, that they will soon need to provide extra information in order to make a claim. In the latest Finance Bill, the government confirmed it is bringing forward a requirement to provide add

The UK government has announced that the maximum jail sentence for tax fraud will double from seven to 14 years for the most "egregious" forms of evasion. The Treasury announced the change in last week's spring budget and said it will consult on the introduction of a new criminal offence for pr

The Chartered Institute of Taxation (CIOT) has warned that imminent reduction of the annual exemption for capital gains tax will see hundreds of thousands of people become liable to pay tax they may not even be aware of, and urged the government to publicise the change.

An expert has warned that the additional tax burden from the impending corporation tax hike could lead to a significant reduction in investment and the risk of businesses closing. Scotland’s business community will be under pressure to find an extra £1.5 billion per year of corporation t

The Association of Taxation Technicians (ATT) has called for the UK government to protect businesses from the “strange arithmetic intricacies” resulting from the permanent increase of the Annual Investment Allowance to prevent them unwittingly going over their allowances this year.

The Chartered Institute of Taxation (CIOT) has urged the government to review “unfair” repayment interest rates, with taxpayers facing late payment bills from HMRC up to 17 times higher than what is returned to those who have overpaid. HMRC generally charges interest on late payment at t

HM Revenue and Customs (HMRC) has revealed that a record 11.7 million customers submitted their tax returns on time.

The Chartered Institute of Taxation (CIOT) and Association of Taxation Technicians (ATT) are reminding crypto asset investors to include their gains (and losses) in their 2021/22 tax returns as the 31 January deadline looms.

Couples in the middle of separating or divorcing could save themselves a major tax bill by delaying the division or sale of any shared assets by a few months, according to legal firm Gilson Gray. With less than six months until the tax year ends and ‘divorce day’ approaching in January,