Insights
Our experts provide their insights on the latest industry developments and share tips on accountancy and business matters.
14 February 2020
U-turn on post-Brexit trade concessions as Freeports consultation opensThe UK government announces no concessionary treatments for trade with the EU after the transition period. Previously announced relaxations in border controls will no longer be available, but there will be consultation on Freeports.
10 February 2020
Lift skiing facilities are subject to the 5% reduced rate of VATIn a recent win for Johnston Carmichael client Snow Factor Limited, the VAT and duties Upper Tribunal has allowed our client’s appeal and decided that the reduced VAT rate of 5% applies to income from lift passes sold for indoor skiing and snowboarding. HMRC already accept that lift passes at Scotland’s outdoor ski resorts are subject to 5% VAT.
06 February 2020
Draft Scottish Budget 2020/21: what you need to knowThe Budget sets out the tax and spending plans for the year ahead and these proposals now need votes from opposition parties to pass the measures. The key tax announcements in the Scottish Budget included minimal changes to Scottish income tax bands for 2020/21 and a new charge for LBTT on certain leases that comes into effect from tomorrow (Friday 7 February) - to read more about the LBTT changes read Paul McGonigal’s blog.
06 February 2020
Scottish Budget 2020/21 - increase to LBTT rate for non-residential leasesKate Forbes, Minister for Public Finance and Digital Economy, announced an increase of LBTT from 1% to 2% on certain non-residential (commercial) property leases, with effect from 7 February. The increase comes into force the day after the Budget announcement, but is still subject to Royal Assent.
05 February 2020
Market Commentary January 2020As the coronavirus emerged as a threat to not only the Chinese economy but that of the global economy as well, the FTSE 100 followed other major indices and retreated into negative territory.
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