Our head of Charities, Jenny Simpson, reports on the impact of the planned reduction in the rate of basic rate tax on the gift aid recoverable by charities; Most people will have welcomed the Chancellor’s announcement in the Spring Statement yesterday that the basic rate of income tax will be reduced from 20% to 19%…
Accountant Wbg has welcomed Crown Estate Scotland’s launch of a capital investment fund and advised SMEs to diversify and innovate their way to prosperity. Launched to help promote the sustainable development of Scotland’s natural resources, the £3m Innovation with Natural Resources (INR) Fund, which will support innovation in a range of sectors, such as agriculture,…
With the Finance Bill 2021/22 receiving Royal Assent last month, it is all systems go for Basis Period Reform for unincorporated trading businesses from tax year 2024/25. Accountants Wbg are stressing the importance in planning for this and, more importantly, the impact of the transitional year 2023/24. Basis Period Reform is intended to remove the…
Our Head of Charities and member of the Charity SORP Committee, Jenny Simpson, gives an update on the timings of changes for financial reporting for charities; The accounting rules for charities, set out in the charity SORP (Statement of Recommended Practice) derive from Financial Reporting Standard 102 (FRS102) which is published by the Financial Reporting…
Accountants Wbg welcomes the Scottish Parliament’s inquiry into the challenges faced by people with low income and debt problems but questions whether it is a missed opportunity. With inflation rising to 5.2% last year and energy regulator Ofgem announcing the energy price cap will increase by £693 next month, Paul McDougall, Associate Director in Wbg’s…
Accountant Wbg has partnered with pharmacist-led training provider Pharmacy in Practice to provide a range of support services to Scottish pharmacy owners, pharmacists, and their teams. The partnership agreement will see the accountancy firm work alongside the training provider to develop a suite of community pharmacy-specific business skills training packages. These will be delivered digitally…
With more than two million people having missed the normal self-assessment tax return deadline, accountants Wbg has stressed the importance of urgent tax return filing and good record-keeping going forward as tax filing accounts is set to become more burdensome in forthcoming years. The firm’s tax partner Catherine McManus said it was important that the…
Accountants Wbg has warned the construction sector against a perfect storm of economic challenges putting pressure on their cashflow. Mark Mulholland, partner in the firm’s Business Advisory department, advised those smaller to medium-sized construction firms that typically wait until projects are complete before raising an invoice review this practice in view of elongated supply chains…
With research from the Federation of Small Businesses showing that a third of Scottish business owners faced an increase in late payment in the last quarter, accountant Wbg is advising SMEs that knowledge is key and cash is king when dealing with the issue. “Business owners need to know if they have a problem so…
Accountant Wbg is advising hospitality sector operators to raise their prices in response to rising inflation and operating costs. While welcoming the easing of Covid-19 restrictions, Catherine Livingstone, partner and head of the business advisory services team at Wbg, said that hospitality sector operators need to prepare for various different scenarios as the sector seeks…
