A final blog from Milne Craig?

Dear All

The new “General Data Protection Regulation” means this will be the last Friday I can upload a rambling rant about the state of the tax system and our country to many of you.

If you have not already replied to our messages asking you to agree we hold your email and keep in touch please do so by a quick email to

info@milnecraig.co.uk

saying “gdpr yes”.

Some of our clients and friends appear entirely unaware that we have a sister firm in house called “Milne Craig Technology Solutions”. This is probably proof positive that accountants and IT specialists share an inability to market their services without help.

Their flyer is enclosed – please ask if you’d like to have a chat with one of them about how they help with your technology requirements! Click here – Derek Thomson is happy to speak to you-

MCTS at Milne Craig

I’ve had comments from a number of clients noting that “Donald’s Friday rants are less frequent” and I will confess that is a deliberate thing.  On balance, since 2014, I’ve felt most of the opinion I might express on tax changes and the economy would inevitably be seen as party political in some way, and that’s not for a Milne Craig “platform”.  I have no interest in our firm being seen to be left or right wing, or for or against Indy, any more than we would want it to be seen as a Rangers or Celtic.  We all have our opinions.

It’s a great pity as when Brown and Darling were Chancellor I felt criticism could be made of their tax policy without it being any kind of “anti-Labour” thing.  Those who read my rants seven or eight years back know I was quite critical.  I’ve not stopped criticism because we no longer have Labour in power but because the Scottish tax landscape is now woven tightly into issues of devolution and the campaign for independence and the UK Government is busy with Brexit.  And, most tax advisers will steer clear of a public comment on that matter.  I’m hearing that the nationalist movement is serious about a new referendum within the next year, so I think we can all safely assume my blogging will remain “reserved and cautious”.

Please enjoy your weekend, if you have not done so already, please tell our firm we can keep you on our database for these bulletins (most of them being the sensible standard tax updates) and if you’re part of the twitterati please note “@MilneCraig” is now used to provide updates.  I’m rather keen it has more followers!

With my sensible “hat” on I would say May is a month where you set up a folder and put all your 5th April tax information in it ready for the tax return to be prepared.  If you have a business you should remember to think about p11d returns for staff benefits and the similar form 42 share scheme return form.

Making Tax Digital requires VAT registered businesses to file extended returns from next April.  If you use “paper” systems then you should be discussing moving to suitable software urgently.

Another area of interest for many businesses is “R&D tax credits” where clients can get enhanced tax relief and repayments from a Government initiative to support businesses with R&D.  I suspect the relentless drive to end aggressive tax schemes is part of the reason that people are getting more excited about R&D (and capital allowance tax relief for capital spending on property).  There are numerous specialist firms marketing tax saving R&D analysis to businesses.  We do endeavour to review our clients corporation tax returns for potential R&D claims and many clients have made claims.  However, if you would like to know more please contact your routine contact here or Iain Thomson in the tax team for a chat.  The tax savings are remarkable.!

As ever, these views are mine, not those of the firm or my co-directors and staff.

Regards

Donald Parbrook

Director, Head of Tax, Milne Craig

 

 

 

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