Accountancy Blog | Scholes Chartered Accountants

How can business owners make the most of their balance sheets?Time is running out to submit your P11D!Companies House could catch out unprepared Scottish SMEsKeeping up with Companies HouseErik Stevenson joins the Scholes teamHow to make the most out of Enterprise Management IncentivesThe Scottish charity audit threshold is finally changingTips and tricks for handling tips and troncsMy sister may be competing, but why should she have all the fun?Working with the founder of the Island Games – my life as an attachéSee the squash squad strive for success in the Island GamesFootball fever sweeps the Island GamesWelcoming the Falkland Islands to the Island GamesFrom Malta to Orkney, Gozo is coming to the Island GamesDon’t forget to submit your P11D!Scholes’s role in the Island GamesWe are a gold sponsor for the Orkney Folk FestivalIntroducing the new ICAS president – Karen ScholesCharting Karen’s journey to Africa for WildHeartsVacancy - administrator - KirkwallReviewing your remuneration structures in light of the National Insurance increasesHow your annual audit fuels business growthSandra, Cara and Kayleigh – Our International Women’s Day spotlight!Why Scholes CA is the perfect partner for your statutory auditYour Tax Planning ChecklistDirectors: Are you doing your pensions right?Maximise your SME's tax efficiency before year-endHow to payroll benefits in kind (BIKs)Why every small business should have a pre-year-end meeting with their accountantA quick reminder about Benefits in Kind and company carsThe benefits of setting goals for your businessWhat you need to know about directors' loans and their tax implicationsShould you rush to buy a double cab pickup? A look at speed of acquisitionCapital expenditure: What you need to know before 2025Time to start planning for 2025!Our breakdown of the Scottish Budget 2025–2026ITSA - What if you can’t pay it?Remember: ITSA is just around the corner!A history of tax U-turns: Could Inheritance Tax be next?How small businesses might respond to the Employers’ National Insurance increasePotential solutions to the IHT problems created by the BudgetAutumn Budget: Capital Gains Tax reforms bad news for entrepreneursAutumn Budget: Double cab pickup users under fireAutumn Budget: Scottish hospitality sector reactsAutumn Budget: Inheritance Tax reforms a major concern for businessAutumn Budget: National Insurance blow to small businessesOur final predictions for the Budget on Wednesday 30 October!Scholes CA helps Christmas tree company branch out into employee ownershipAccounting at the edge of the map – A short history of Scholes and OrkneyPre-empting the October BudgetR&D tax credits: Still a powerful tool for Scotland's green innovatorsVacancy - trainee accountant - KirkwallVacancy - graduate trainee accountant - KirkwallPros and cons of different exit and succession strategiesMy journey as Financial Director of the Orkney Island GamesContracting vs buying new equipment: A farmer’s dilemma during harvest seasonMeet Senior Manager, Leonard ScholesOutsourcing payroll - a comprehensive guide for employersBusiness valuation methods – Which is best?Brace for impact: Preparing for potential tax changes this autumnHow employee ownership trusts can shape your business exit strategyHospitality businesses: Do you want to capitalise on big events?Vacancy - payroll/ bookkeeping technician - KirkwallHospitality businesses: How to tackle the recruitment crisisMy role at ICAS – Reflections and looking to the futureChanges to Persons of Significant Control requirements now in placeOpen letter to the Scholes team – Congratulations!Scholes CA: Finalists for a prestigious awardA new VAT estimator and 5 other useful tools from HMRCLabour’s Green Energy plans – Good for Scotland?New laws on tips – Are you compliant?Do you need grant funding assurance?Labour’s election win – Understanding its impact on your financesChanges to second and holiday homes – Time to reassess your portfolio?Scottish landowners: Are you risking a hefty fine?How to use share buybacks to buy out a shareholder in a small companyAs proud sponsors, it was a privilege to be a part of Orkney Folk Festival!Scholes CA’s tax considerations for start-upsWhen was the last time you reviewed your management accounts?Our guide to company cars and the taxes you pay on themThe new P11D regulations and your future digital reporting requirementsMeet Executive Director, Estelle HopeMy plans as the new Deputy President of ICASTronc: The tipping point?LBTT is changing – here’s what we knowNew revenue recognition regulations could impact your businessNew accounting rules on leases: coming soon!Meet Associate Director, Audrey RennieChanges to Companies House regulations and what they mean for your businessOur thoughts on the basis period reformTax year-end is coming: Don’t get stressed out!Changes to the Furnished Holiday Let Tax regime could affect your taxesContrasting employee ownership with traditional exit approaches: The tax perspectiveSpotlighting two amazing individuals – Kayleigh and SandraToday is International Women’s Day!Spring Budget 2024Our predictions for the Spring Budget 2024How Scholes CA helps SMEs with their international advisory needsGreen tax breaks for businessesWhat is Scholes CA doing for International Women’s Day?Meet Director, Ryan AllanWe are hiring! Here’s what it’s like to work for usWhat is an EMI share scheme?Meet Senior Manager, Andrew MoarWe stand with ICAS: Simplify our tax system!Scottish Green Freeports – Opportunities and tax advantages for your business?We’re promoting a culture of volunteering and community engagementWorried about the new tax rates in Scotland? Here’s how to mitigate themOur thoughts on e-commerce platforms and reporting your earnings to HMRCHow to save money and the environment at the same timeHow to use gifting to reduce your Inheritance TaxScholes CA team takes the MGI Conference by stormSettling into our new Aberdeen officeOur take on the Autumn StatementAutumn Statement 2023What are the implications of the new Economic Crime Act?Scholes CA and Women's Aid Orkney team up to tackle domestic abuseA behind-the-curtain look at ICAS from Director, Karen ScholesDirector, Karen Scholes, takes to Radio Orkney to discuss business and entrepreneurshipHow to motivate and retain talent with EMI share optionsHow the Scholes CA team set out to help Orcadians on Mental Health Awareness DayHow to prepare for the upcoming National Living Wage increaseAn overview of recent changes to R&D reliefYoung talent starts work with ScholesScholes CA receives Accounting Excellence award for Mid-tier Firm of the YearScholes CA to open new office in the heart of AberdeenHow to accelerate the growth of your start-upScholes supports the renewable sector in a share scheme success storyVacancy - trainee administration assistant - KirkwallScholes CA in the running for 2023 Accounting Excellence AwardVacancy - accountant - KirkwallVacancy - accountant - AberdeenSixty seconds with... Kayleigh TipperScholes CA joins Aberdeen & Grampian Chamber of CommerceVacancy - bookkeeper / payroll technician - KirkwallSSE wins hydro electric scheme tax caseKaren Scholes appointed as Vice President of Scottish InstituteTax change for empty and second homes in ScotlandHydrogen Expert SupportGoldman Sachs 10KSB: business accelerator programmeCoastal communities to receive funding for recreational sea fishingThird phase of the Industrial Energy Transformation Fund now liveState pension: why you should check your NI contributions record nowStudent loans: new repayment thresholds from 6 April 2023Tips and service charges: income tax and VAT considerationsIslands Growth Deal announcedScottish Government launches consultation on Green Freeport LBTT reliefThe King's Awards for EnterpriseFarmers' averaging - how does it work?New scheme for Scottish SMEs to review/ upgrade lighting systemsGetting ready for the 2025 PSTN switch-offUK Tradeshow ProgrammePensions tax relief reformed in Spring Budget 2023R&D tax relief - a summary of the position effective from 1 April 2023BSI publishes Net Zero 'how to' guideTaxpayers given more time to pay voluntary National Insurance contributionsSpring Budget 2023National Insurance for the self-employedDoes your company have a shareholders' agreement?Retiring soon? Check your state pension entitlement nowCorporation tax rates from 1 April 2023 and the associated companies rulesNational Minimum Wage - rates from 1 April 2023UK sets out plans to regulate crypto industryDelivering a fair and secure zero carbon energy systemInvesting in sustainable agricultureCustoms Declaration Service deadline extendedChanges to R&D tax reliefs from April 2023LBTT Additional Dwelling Supplement increased to 6%New penalty regime for UK VATMaking Tax Digital for Income Tax delayed againKey employment trends in 2023Scottish Budget 2023Scholes CA merges with Aberdeen-based Bower + Smith Chartered AccountantsNew National Insurance rates confirmedResearch and developmentCapital gains tax annual exempt amountCorporation tax rates from April 2023Income tax rates and allowances 2023/24Dividend tax rates 2023/24Electric cars and salary sacrificeWill the capital gains indexation allowance make a comeback?A good time to look at share incentives for employees?VAT deregistrationHelping employees through the cost of living crisisHMRC reports increased use of tax credit appAttracting and retaining staff with sharesRecruitment challengesCapital allowances reform: professional bodies respond to consultationTen ways to boost your social media marketing effortsNew government inquiry into business and personal tax reliefsR & D Tax Relief reformCryptoassets: government launches new consultationNIC threshold increase comes into effectEmployee retention: 12 effective strategiesScholes CA Director shortlisted for YES Volunteer of the Year Award 2022Company Voluntary ArrangementsThe taxation of dividend income in 2022/23Employee Ownership on the riseHMRC puts R&D tax credit payments on holdCapital allowances regime under reviewGrowth shares - an introductionEnd of tax year payroll proceduresTowards net zeroPension tax relief: report highlights lack of awarenessGiving shares to employeesAgricultural wages guide for workers and employersUK Government sets out plan for cryptoVAT rate for hospitality sector reverts to 20% from 1 April 2022The Small Business Sustainability Basics ProgrammeShould you consider salary sacrifice to reduce tax and NICs?Help to Grow: Digital schemeNational Minimum/ Living Wage increase from April 22Changes to accounting for VAT on importsChancellor signals major reform of R&D tax credit regimeSmall companies required to make P&L accounts public under new proposalsIs your business attracting new talent?Two green freeports to be established in ScotlandTracking your cash flowsHow to combat inflation - strategies for small businessesCorporate governance: ordinary and special resolutionsInsolvency service granted new powersScholes CA - a local accountancy firm with international reachCapital gains tax reforms shelvedBuilding trust within your teamBudgeting for uncertain timesBecoming a more eco-friendly businessThe power of purposeNew loan scheme for Scotland's farmers and croftersScholes CA shortlisted in national awardsThe tax benefits of pension contributionsDeveloping the next generation of leadersFreeports and green portsHow to pivot your business strategyDoes social media marketing actually work?New penalty regime for income tax and VATHow non-UK resident landlords are taxed on UK property incomeUsing employee ownership to build a great businessScholes CA joins MGI WorldwideAssociated companies and the new UK corporation tax ratesMergers & acquisitions - an overview of the processVAT schemes for small businessesRetirement planning and the pensions annual allowanceCorporation tax: instalment payment regime for larger companiesBrexit: opening an office in the EU57 Ways to grow your businessVAT Reverse Charge for Construction ServicesRecovering VAT when purchasing a business carMaximising Inheritance Tax Business ReliefTax relief for the cost of agricultural buildingsVAT domestic reverse charge on construction servicesProperty taxation: allocating profits and losses to property ownersBookshop: Small Business Financial ManagementTips to improve business performanceAccounting Excellence Awards 2020: Scholes CA shortlistedHow to showcase your company through the directors' reportTips for creating a great business planHMRC campaign highlights local efforts to get ready for MTDProviding assurance to Interreg grant funding programmesNHS fundraising effort proves successfulTax relief for trading losses in the early years of a new tradeTen reasons to #shoplocalSmall Business Coronavirus Support Guide - proceeds to NHSOut now on Amazon: “Small Business Financial Management”ECC Business Awards - Scholes CA in the runningAdvance assurance on EIS and SEIS schemesCorporation tax loss relief - options for relieving trading lossesDoes my company need an audit?The Seed Enterprise Investment Scheme - an Introduction for Entrepreneurs and Angel InvestorsCharitable giving - tax breaksDeath and taxes: famous quotes about taxationThe dangers of overtradingWill a tax expert be preparing your Self Assessment return this year?Entertainment costs and your business - make sure you know what you can claimGovernment stats demonstrate why small businesses are so importantMileage allowance paymentsTax planning for small businesses: popular themesCommon reasons to use a holding companyAlphabet shares and the family companyPersonal guarantees - an overviewEnterprise Management Incentives (EMI's)Improving the profitability of your farmTax relief for charitable donationsLocal business Flooers features in HMRC's latest video campaignR&D tax credits for farming companiesHow many sales do you need to make to break even?Birsay Bay Tearooms features in HMRC video campaignKey Performance IndicatorsCashflow crisis managementAndrew and Ali represent Orkney at the 2019 Island GamesOrcadian John Walter and the Hudson's Bay CompanySelf Assessment: how the Payments on Account system worksPre year-end financial planning for companiesBritish Accountancy Awards 2019 - Scholes CA in the running againThe Scholes Portal - hints and tips for usersHMRC guidance on the domestic reverse charge for building and construction servicesCommon errors in management accounts - and how to avoid themSelling your Business to an Employee Ownership TrustVAT and payments for unfulfilled suppliesManaging the financial impact of late VAT registrationBuy to let using a limited company: the pros and consOur Edinburgh office gets a faceliftWhat is deferred tax?Why is my taxable profit different to the profit shown in my accounts?Directors' loan accountsCashflow: 30 suggestions to improve your small business's cashflowTips for small business budgetingUnderstanding profit marginsReturn on capital employed - what it is and why it mattersVAT registration and late registration issuesNational Insurance and the State PensionTax aspects of dissolving the small companyMaximising your return when you sell your businessStrengthening your company's balance sheetFrosts Chartered AccountantsBusiness growth metricsThe Scholes CA PortalConstruction Industry Scheme contractor? Check if you're eligible for gross payment status.Quickbooks MTD accreditationSmall business valuation - an overviewPopular tax-free benefits for employees (including employed directors)Business asset rollover reliefTax relief for interest on qualifying loansEnterprise Investment SchemeLatest Making Tax Digital survey reveals lack of preparedness among small businesses across the UKBritish Accountancy Awards 2018Business growth strategiesVenture Capital Trusts - what are the tax benefits?Pricing strategies and the product lifecycleGet on top of your cashflowWhy small companies can benefit most from Research & Development Tax CreditsWhy have a shareholders' agreement?Tips for business startupsTax relief on the farmhouseFive basic tax planning tips for small businessesBudgeting for your small businessWhat should I put in my business plan?Understanding cost drivers in your small businessBusiness risk management and internal control for small businessesAn overview of Self Invested Personal PensionsWe're in the final of the British Accountancy Awards 2018!Building contractors VAT reverse chargeDebt vs equity funding - what's best for my small business?The pros and cons of trading through a limited companyUzbekistan Entrepreneur Researches Orkney BusinessesTax relief for expenditure on buildingsGetting paid - what to do when things go wrongHow to start up at low (or even no) costCould Research & Development Tax Credits benefit your company?Accounting myths and legendsThink the top rate of income tax in Scotland is 46%? Think again!Financial key performance indicators from a growth perspectiveRaising capital using the Seed Enterprise Investment SchemeSelecting the right structure for your start-upDoes your business plan need a reboot?VAT Flat Rate Scheme: end of the road for low cost traders

Articles

Understanding cost drivers in your small business

How well do you understand what drives costs in your business? What techniques do you use to plan for and control expenditure? Let's look at some different ways to think about costs in your small business.

02Aug2018MORE

Scholes TV

Business risk management and internal control for small businesses

An introduction to the concepts of risk management and internal control for small businesses.

By Ivan Houston

26Jul2018

Scholes TV

An overview of Self Invested Personal Pensions

What are the tax benefits of Self Invested Personal Pensions (SIPPs) for the small business owner?

By Ivan Houston

25Jul2018

News

We're in the final of the British Accountancy Awards 2018!

Breaking news: we're finalists in the 2018 British Accountancy Awards category for Independent Firm of the Year (Scotland, N Ireland & Northern England)!

20Jul2018MORE

Articles

Building contractors VAT reverse charge

HMRC has published draft legislation which will see builders and other contractors having to get to grips with an entirely new way of accounting for VAT from October 2019.

By Ivan Houston

20Jul2018

Scholes TV

Debt vs equity funding - what's best for my small business?

What are the basic differences between debt and equity funding - and which is best for my business?

By Ivan Houston

10Jul2018

Scholes TV

The pros and cons of trading through a limited company

What are the main advantages and disadvantages of trading as a limited company?

By Ivan Houston

04Jul2018

News

Uzbekistan Entrepreneur Researches Orkney Businesses

Uzbekistan national Shakhnoza Begmatova is currently visiting Orkney to find out how entrepreneurs operate in the county. We were delighted to have the opportunity to share a few insights with Shakhnoza.

27Jun2018MORE

Articles

Tax relief for expenditure on buildings

We're regularly asked "can I get tax relief if my business buys/ extends/ repairs a building?". Here's an overview of some of the considerations for traders.

By Ivan Houston

27Jun2018

Articles

Getting paid - what to do when things go wrong

It's good to get paid on time. But what are the options when things go wrong?

By Ivan Houston

08Jun2018

Articles

How to start up at low (or even no) cost

How can you de-risk a startup venture? Do it at minimum cost. Here's how.

By Ivan Houston

07Jun2018

Articles

Could Research & Development Tax Credits benefit your company?

R&D Tax Credits offer a great financial incentive for UK companies who are involved in innovative activities in the fields of science or technology. Make sure your company doesn't miss out.

By Ryan Allan

20Apr2018