Basis Period Reform for the 2023/24 tax year is now in motion, so it's crucial for self-employed individuals, including business partners, to take prompt action This reform was introduced by HMRC to change the timing of when trading profits are taxed. It affects only...

If you have children under 12 who attend a nursery, after school club, playscheme or childminder, or you are considering sending them to a summer camp, you should think about setting up a tax-free childcare account. The government adds 25% to the amounts that you save...

If you have called our Inverurie office recently, you might have heard an unfamiliar voice taking your call. That’s because we are delighted that Sarah Anderson has joined us in front line duties, so to speak, not for the second time but for a third stint. Sarah...

Since our foundation in 1888, we have always had a close bond with the farming community. Our business was built on providing farmers with expert accounting and tax planning advice. Today we remain committed to our roots and that is why we are delighted to sponsor...

James Milne is delighted to sponsor a fantastic cycling team about to embark on an epic 1800-mile cycle run from Edinburgh to Rome to raise funds for My Name’5 Doddie Foundation. The team of eight includes our very own partner Michael Fotheringham who has been in...

A week after HMRC proposed changes to the tax rules for double cab pickups, stating they would be treated as cars rather than vans for employment tax and capital allowances from July 2024, the government has reversed this decision due to strong opposition from the...

As a chartered accountant, I spend a lot of time thinking about ways to boost the financial health of my clients. I’m also a keen cyclist, and about to embark on the cycle of my life as part of a team cycling from Edinburgh to Rome in early March, some 1800 miles, to...

Basis Period Reform introduced by HM Revenue & Customs (HMRC) will change the timing of when trading profits are taxed. The change applies only to self-employed individuals, which includes partners of businesses. Limited companies are subject to different laws and...

As a proud sponsor, James Milne Chartered Accountants is gearing up for three of Scotland’s most prominent agricultural shows this month. The New Deer Show, situated in the heart of Buchan, Aberdeenshire, is a two-day agricultural event that attracts between 8,000 and...

As a business, it is crucial to stay up to date with the latest regulatory changes that can impact your financial obligations. One such change introduced by HM Revenue & Customs (HMRC) is the implementation of a new regime of penalty points and penalties for late...

On 17 November 2022, the government undertook the third fiscal statement in as many months, against a backdrop of rising inflation and economic recession. The Chancellor laid out three core priorities of stability, growth and public services. The government sought a...

Chancellor brings forward further medium-term fiscal plan measures Reversal on Emergency Budget 2022 Chancellor brings forward further medium-term fiscal plan measures As the saying goes, a week is a long time in politics. However, recent events have been...

Chancellor Kwasi Kwarteng has outlined a 'Mini Budget' with a stream of policy announcements. Here is our summary. National Insurance The government will scrap the 1.25% increase (to Class 1) in National Insurance contributions announced in September 2021. Not...

HMRC has raised the interest rates charged on late tax payments by 0.5%, up to 4.25%, in a change that came into force on Tuesday, 23rd August. HMRC links its interest rates on late payment charges with the Bank of England's base rate, which increased from 1.25% to...

With just over 18 months until rollout, one in five UK sole traders have still not heard of Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA), according to accountancydaily.co Despite the extensive publicity, 20% of sole traders are unaware of the...

Amidst another busy week in the political world, you may have missed the tax cut worth up to £330 each for 30 million workers. On the 6th of July, a change in the threshold for making national insurance (NI) contributions meant that many workers will keep more of...

If you are in the market for accounting software, you might feel overwhelmed by all the available options. Xero, Sage, QuickBooks, FreshBooks, and Freeagent, to name a few. There are many to choose from, and getting it right is important. Modern and usually...

HMRC has provided a reminder to ensure that employers accurately reflect increased NIC thresholds in the July payroll. To accommodate the National Insurance threshold change, payroll software, including HMRC’s Basic PAYE Tools, will need to be updated. It may happen...

Today is the last day of the UK tax year. It’s also the deadline for using your ISA allowance. After today your tax-free ISA allowance for 2021/22 is gone. If you must fill out a tax return, HRMC should send you a notification. The deadline for filing your 2021/22 tax...

Cryptocurrencies (crypto) such as Bitcoin and Ethereum have generated much interest in recent years. Their rapid increase in value (and volatility!) has also attracted regulatory scrutiny, and as accountants, we keep a close eye...

Recruiting, retaining, and engaging talent is one of the accountancy industry's main challenges today. While the pandemic has catalysed this issue, there was undoubtedly a shift occurring long before the emergence of Covid. In general, people are reassessing and...

With the cost of living crisis, most notably food, fuel and energy price rises, this was a much-anticipated 'mini-budget' announcement to see if the UK Government would introduce new policies that could help with personal budgets. The Statement warned consumers to...

The UK Government recently announced the next phase of ‘living with Covid’. For Scotland, this meant an end to the current statutory sick pay (SSP) rules with COVID-19 from 21st March; we are now back to pre-pandemic rules. The right to claim SSP from the first day of...

​In order to help achieve its CO2 emissions targets, the UK Government is incentivising businesses and employees to switch to electric vehicles, with attractive tax savings and incentives. Whether leasing or buying, businesses and their employees can make significant...

Rishi Sunak, the Chancellor of the Exchequer, has insisted he will continue to go after Covid-19 fraudulent claims despite reports that the Government intends to write off £4.3billion in mistaken payments and illegal claims. In 2021, in an attempt to recoup the...

The Scottish Parliament has again used its powers to change income tax rates and bands, which take effect from 6 April 2022.Whilst rates of tax will remain unchanged, bands will be amended, as follows: The Starter and Basic Rate bands will increase by inflation. The...

Employees are a company’s biggest asset – and making sure they are paid properly has to be a business owner’s number one priority. James Milne Chartered Accountants partner, Lauren Thompson offers advice to business owners wanting to avoid payroll errors. Ensuring...

Finance Secretary, Kate Forbes delivered the 2022-2023 Scottish Budget on Thursday 9 December 2021, detailing the Scottish Government’s financial and tax plans for the coming year. As the first budget of the SNP partnership with the Scottish Green Party, the budget...

The rural economy is a staple part of Aberdeenshire’s heritage and a sector that James Milne Chartered Accountants has served since its formation in 1888. Michael Fotheringham CA, a partner at James Milne, looks back on what has been a tumultuous year for farming and...

Did the Autumn Budget meet your expectations as a budget for growth that will lead to higher wages, higher skills, and rising productivity? For a summary of the main announcements from the Chancellor’s 2021 Budget visit our resource centre and download our Autumn...

The sponsorship will enable James Milne to communicate with business people across Aberdeen, Aberdeenshire and beyond and share the latest taxation and accountancy news and advice. The digital and social media business news group shares business news across the...

From April 2024, the government’s flagship system which aims to make accounting easier and reduce tax losses, will become obligatory for all those who complete a self-assessment (SA) tax return and have personal income above £10,000. The new regulations apply to all...

With the health and safety of our staff and clients at the front of our minds, the James Milne offices are now open again. Over the past few weeks, staff members have been coming back to working in the office on a phased basis, and each office has social distancing...

If you have to work at home because of the COVID-19 pandemic, you can claim tax relief on any additional household costs you have incurred. Staying in your slippers all day can be cosy, but working from your home office, kitchen or bedroom can mean increased gas and...

For many, setting up their own business is a dream come true. Whether you are formalising a lifelong hobby, or starting out on a new business proposition, there are several steps which need to be taken to ensure you comply with all UK business regulations. One of the...

HMRC realises that in these challenging times things change, particularly when it comes to our business finances. Therefore, individuals who believe, or have been told, they have received a grant overpayment, are being asked to pay that money back. Self employed...

The fifth and probable final grant for those who are self-employed will be open to applications from late July. Applications for the fourth self-employment grant closed on 1 June 2021. The fifth Self-Employment Income Support Scheme (SEISS) grant is expected to be the...

The latest Government grants and loans to support your business during the pandemic. Self-Employment Income Support Scheme The fourth grant is available now, covering the 3-month period from 1 February 2021 to 30 April 2021. The grant is equal to 80% of 3 months’...

James Milne is continuing to follow statutory Government guidance which asks people to work from home if it is practicable to do so. Accordingly the majority of our staff are working safely in their homes, with small numbers of staff in the office on occasion to...