Archive for September, 2018

Music Industry Awards Dinner – Nordoff Robbins

Friday, September 28th, 2018

Click this link:-

SSE SMA 18 EFP

Music Therapy Charity “Nordoff Robbins” do outstanding work. We’re delighted to circulate details of the Scottish Music Awards Dinner 2018 as we’ve attended regularly and it’s a great night and a vital fundraiser for this worthy charity.

More information can be found here-

https://www.sec.co.uk/events/detail/sse-scottish-music-awards-2018

Home

Tables are still available – Contact – Simon Foy:

simon@nrscot.org.uk

Powers of attorney

Thursday, September 27th, 2018

As we will possibly live on until our 80s and beyond, and as that may involve coping with disability of one form or another, the need for consideration of support as we get older is ever more pertinent.

Readers will no doubt have heard the term “power of attorney”, but not many, we suspect, will have made the investment and appointed someone trusted to act as their representative if they become physically or mentally unable to look after themselves in old age.

If you did become infirm and unable to make sensible decisions about your health care or finances, and you had not appointed a lasting power of attorney (LPA), then management of health care and finances would pass to your doctors and the Court of Protection. Whilst these two outside-the-family institutions will no doubt try their best on your behalf, they may not do so in accordance with your wishes, or the wishes of your close family.

There are two types of LPA that will deal with:

1. Health and welfare, and

2. Property and financial affairs.

You can complete the forms to apply for the two types of LPA with the Public Guardian’s office, without professional assistance, but we suggest you invest in the required legal advice as part of a wider consideration of tax and inheritance issues.

LPAs, if properly considered, will give both you and your family a clearly defined structure to work within should you become incapacitated in old age. And as you would expect, you need to be able to demonstrate that you have the mental capacity to make you own decisions when you make an LPA.  

Cash is king

Tuesday, September 25th, 2018

If the present wrangling over the terms of our exit from the EU result in terms that disadvantage UK businesses, what can we do now to protect our hard-earned business assets?

It is difficult to make this call as negotiations could drift in either direction: a continuing trade agreement or a so-called “hard-Brexit”.

No-one can say what trading conditions will be like from April 2019, but it is likely that perception will rule the roost. If uncertainty continues to cloud the debate, and there is no sign of resolution on the political front, opportunists, those brave, and some would say reckless, few will be on the lookout for ways to profit from any downward trend. For the rest of us, we need to consider our options, and quickly.

What could we do?

As the title of this piece suggests, we could add fat to our balance sheets by improving cash flow, cash is king.

How to do this:

•    Examine your options if you are registered for VAT. There are schemes that determine liability based on monies received and paid rather than sales and purchases invoiced. Why pay VAT if it is tied up in debtors: money owed to you? There are turnover limitations, but worth considering if these don’t apply.
•    Determine how many days credit you are giving to customers and aim to reduce these. Bad payers can quickly become bad debts if economic activity slows down. If customers are bad payers, what they are doing is using your money to underpin their cashflow.
•    If you buy production goods from the EU consider increasing your stocks, or better, discuss setting up stock-holding facilities for your EU suppliers. Perhaps you could find space for them and they would provide stock on a sale or return basis?
•    If you sell goods to EU suppliers adapt the previous strategy in reverse?
•    Release working capital from obsolete or slow moving stock by offering to customers at reduced prices, a late summer sale?

Every business will have different opportunities to ready themselves for the changes next year. There is still time to consider your planning choices. Please contact us if you would like our help in considering your options.
 

Selling the garden shed?

Thursday, September 20th, 2018

When you are selling your home, you are likely to be selling a range of fixtures and fittings. For example:

• White goods, washing machines, fridges, cookers etc,

• Furniture,

• Carpets,

• Curtains,

• Garden equipment,

• Leisure or fitness equipment, jacuzzi etc,

• And the garden shed.

If identified in the sale contract, any value attributed to these personal assets, or chattels, will not attract a stamp duty charge for your purchaser.

Accordingly, if you are selling at a value that just tips your property into the next band for stamp duty purposes, being able to allocate part of the price to stamp duty free “chattels” may provide an incentive to buyers to make an offer.

What you cannot do is allocate an arbitrary amount when pricing up your list of exempt fixtures and fittings. You will need to base your valuations on the cost price. Unless you have a very special garden shed, valuing it at say £5,000 to avoid stamp duty would beg the unwanted attention of HMRC, who would rightly see the transaction as tax avoidance.

Selling personal, home based assets in this way should not create any other tax issues, capital gains tax for example. You do not need to declare any gain on the sale of a personal chattel if the disposal proceeds do not exceed £6,000.

Talk with your selling agents as they should be able to help you draw up a realistic, costed list. 

10th October Event: The UK Economy – Heading for Rough Water?

Wednesday, September 19th, 2018

INVITATION TO HEAR RHYS HERBERT SPEAK: 10TH OCTOBER 2018 AT CLUB 29.

ARE YOU INTERESTED TO UNDERSTAND HOW OUR CURRENT POLITICAL CLIMATE MAY AFFECT THE ECONOMY?

We are delighted to welcome Rhys Herbert, Senior Economist with Lloyds Bank to Glasgow on 10th October to tell us his thoughts on the situation. The link below contains more details.

We also welcome Alyhyan Hajee of RDP Associates who will provide guests with an insight into why more businesses should be looking at R&D tax reliefs than you might imagine and why this remains one of the most exciting tax saving opportunities today.

CLICK THIS LINK FOR MORE DETAILS
10th October Event Invitation

We welcome clients and friends of the firm to come along.
As places are limited please secure your place by dropping Jenn Moore an email today: jenn.moore@milnecraig.co.uk

Where: Club 29
When: 10th October at 6pm for 630pm (finishes by 8pm approx).

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