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Planning for the long-term

It is difficult to get excited about pensions. Planning for an investment that you will not see until retirement is not high on everyone’s priority list. It is usually a decision to be put off for another day, but for our farming clients we often see first-hand the merits of long term financial planning; whether it is a pension or an alternative investment. If mother and father can retire from the family farm with the financial support of pension income, then it generally leads to a smooth succession and happy retirement. In stark contrast…

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The Apprenticeship Levy: what…

The objective behind the measure is to fund and encourage new apprenticeships through the introduction of a levy on all employers with a UK payroll bill in excess of £3m per annum, regardless of whether apprentices are employed. It is anticipated to raise approximately £3b a year over the next five years. Business impact From 5 April 2017, employers with a UK payroll bill in excess of £3m will be charged a levy of 0.5% of their full UK payroll bill. Each employer will receive an allowance of £15,000 to offset against their levy…

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Campbell Dallas in Glasgow take delivery of an electric car. Pic shows: (right to left) David Samborek, Jenifer Lockhart, Martin Keenan, Veronica Donnelly, Andrew Farquharson and Louise Graham.

Campbell Dallas chooses electric

To coincide with changes to Vehicle Excise Duty (VED) for cars first registered on or after 1st April 2017, independent accountancy firm Campbell Dallas is highlighting the green business benefits of ‘thinking electric’ after acquiring two electric cars for pooled staff use. The new VED rates could see the tax on some cars, including hybrids, rising by more than 2,000%. However, zero emission electric vehicles costing less than £40,000 will remain tax free, and could also qualify for a government grant of up to £4,500. Campbell Dallas has acquired two electric cars which staff…

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Making Tax Digital –…

Having spent over 25 years looking after GDPs, I’ve long since learned to take most matters in my stride – the fast approaching introduction of Making Tax Digital (MTD) by HMRC however, is a real cause of concern for the profession and many UK taxpayers. So what is MTD? – if you listen to HMRC, it’s a simplified tax system where bureaucratic form filing is eradicated, time delays are eliminated, with all taxpayers, including GDPs, having access to digital accounts providing a ‘real time’ update of their tax position. In addition, one of the key…

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Annual Allowance tapering: beware…

The reduction in the Annual Allowance (AA) limit (i.e. the maximum pension benefits that can accrue tax penalty) for those with an income of over £150,000 came into effect on 6 April 2016 meaning the first tax year affected will be 2016/17. The majority of GPs in Scotland ‘earn’ less than £150,000 per annum but the £150,000 limit is based on an ‘adjusted income’ figure which is calculated by taking taxable income from all sources plus the employer’s share of a GP’s NHS pension growth in the year. Whilst higher earning GPs (with high…