In this month’s blog, Rory McCall gives an overview of the methods charities use to claim gift aid on the proceeds from the sale of donated goods and recent changes HMRC have made to their standard templates: The basic principle is that the charity (or its trading subsidiary) act as an agent for a private…
In this blog, Stephanie Compston looks at FRED (Financial Reporting Exposure Draft) 82 which was published by the Financial Reporting Council just before Christmas. The FRED sets out the proposed changes to FRS102, the accounting standard that underpins the Charity SORP. It is subject to a public consultation which closes on 30 April 2023 and…
Wbg, Accountants and Business Advisers, is backing the Scottish hospitality sector in its call for business rate support. The firm agrees with UKHospitality (UKH) Scotland that a lack of business rates support for Scottish hospitality is unfairly hindering the sector in comparison to English businesses. While Scottish firms have not benefitted from any business rates…
In this month’s blog, Jenna Fair looks at the long-awaited Charities (Regulation and Administration) (Scotland) Bill, which was published in November: The process of charity law reform in Scotland started back in 2018 so the publication of the Bill is a positive step. Some of the changes we were expecting have not been included but…
Wbg, Accountants and Business Advisers, is urging SME business owners to seek professional financial advice ahead of British Business Bank launching a £150m Scottish investment fund. Preparing to launch this summer to support the growth of Scottish SMEs, the Investment Fund for Scotland will become the latest in a series of region-specific investment funds from…
Wbg, Accountants and Business Advisers, has advised Livingston-based laboratory equipment and support specialists C&M Scientific on its sale to Scientific Laboratory Supplies (SLS), a supplier of equipment, chemicals and consumables for laboratory use in the UK. C&M Scientific provides engineering support and consultation throughout Scotland and the North of England, helping clients maintain their research…
The VAT penalty regime changed with effect for accounting periods starting on or after 1st January 2023. The VAT surcharge system has been replaced and the way HMRC calculates interest has also changed. Generally, the penalties are lower than they were under the old surcharge regime and only start to increase when payment is later…
Shehzad Ashaq, corporate tax director at Accountants and Business Advisers Wbg has won the Rising Star in Business category at the 15th Scottish Asian & Business Awards 2022. The awards recognise a wide range of achievements from Asian individuals across Scotland who positively impact business, charity, sport, arts, culture, education and medicine. Some of the…
With reports of all organisations facing an increasingly sophisticated range of cybersecurity threats, Wbg, Accountants and Business Advisers, has advised SMEs that well-trained staff are the first line of defence against cyber-attacks. Kevin McDermott, Senior IT Auditor at Wbg, said that there is little doubt that the threat landscape is becoming more dangerous for businesses,…
Following the announcement of UK Business Secretary Grant Shapps’ comprehensive review into tackling late payments for small businesses, Wbg, Accountants and Business Advisers agrees that late payments are an issue in the SME sector and has highlighted ways in which SMEs can help to combat the issue. With over £23.4 billion currently owed in outstanding…
