This week we have a mini update on Scottish Taxes together with a couple of topical case reviews.  We will be back next week with our usual web-update mix of news, case reviews and practical guides.

The Scottish Income Tax is due to be introduced from April 2016, with the initial rate expected to be announced in November. Land and Buildings Transaction Tax is already being charged in respect of property which is situated in Scotland.

Scottish income tax will affect every taxpayer who lives in Scotland: an estimated 3 million individuals. Research carried out by HMRC indicates that awareness of the upcoming changes is extremely low.

We have two new subscriber guides for you with information about the scope and charging provisions of these new taxes.

Back soon, 

Nichola Ross Martin FCA Tax Director


Your Virtual Tax Partner®: online PRACTICAL support for accountants & tax advisers BY accountants & tax advisers.

Quick News

Tribunal suspends penalties on the condition that a taxpayer appoints a qualified tax agent
Unqualified tax agents and the members of some of the professional bodies not mentioned by the judge may be upset by the perceived bias over professional qualifications.

Corporate meeting facilities allowed and VAT was reclaimable
In Merlin Scientific LLP v HMRC [2015] TC04441, the First Tier Tribunal (FTT) overturned HMRC's refusal to allow a deduction against taxable profits and a credit for input VAT in respect of corporate meeting services. There was a minimal amount of business entertaining and HMRC's proposal to restrict deduction to 2/3 was unsustainable.

Subscriber Scottish Taxes

Two new guides to:

Scottish Income Tax 

Land and Buildings Transaction Tax

Missed last time's update?

Nichola's SME Tax Update 17 September 2015

Updates on:

  • Restricting mortgage interest relief for buy to let landlords
  • Dividends: the new tax regime
  • Research & Development relief: top tips
  • What makes a valid VAT invoice
  • Disincorporation relief
  • CPD Roundups: Capital Taxes, Land & Property

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