Monthly Archives: September 2016

10K or 20K in one day…

By | Blog | No Comments

10k-georgeDrummond Laurie had a great team of runners and supporters last Sunday morning at the 29th Annual Denny 10K Road Race for Strathcarron Hospice.  Some Drummond Laurie Chartered Accountantsnew faces from our team joined us for the first time and showed some of us how a 10K should be run!

Stuart McKay was the first Drummond Laurie team member home with very impressive 47 minutes but a special mention must go to strathcarronone of our newbies George O’Donnell who along with his pal Neil Condie, completed the Strathcarron 10K in 54 minutes then went on to Linlithgow where he then ran another 10K in the afternoon in 57 minutes.  Well done George and Neil!10k-1

 

 

 

 

 

Soup for Charity

By | Blog | No Comments

Drummond Laurie Chartered Accountantsend-polioAs we approach autumn we saw the welcome return of a Drummond Laurie charity soup lunch and today the money raised will go to Rotary for the End Polio Now campaign.

The choice was Broccoli or Chicken and we had delicious homemade rolls courtesy of Gillian Hunt who got up extra early to bake them fresh!

We raised £80 which we will give to to Rotary this weekend.soup2

Simplifying your VAT

By | Blog | No Comments

flat-rateDrummond Laurie Chartered AccountantsBeing vat registered can be a burden on a business.  However, HM Revenue & Customs (HMRC) have several schemes which may help to simplify this process.

The flat rate scheme was first introduced back in 2002.   This scheme means you pay vat at a fixed percentage of your vat inclusive turnover, instead of using the conventional method, where you would pay HMRC the difference between the vat you charge to your customers and the vat you can reclaim on your business expenses.

The actual percentage you use depends on the type of business you are.  HMRC have produced a list of business categories, each having a specified percentage. This scheme can be advantageous to businesses that generally have very little vatable expenditure.

Please note however, that you are required to register separately to join this scheme, and must have approval from HMRC.   You will be eligible to join the scheme if you expect your vat taxable turnover to be £150,000 or less (excluding vat), in the next 12 months.

the government website has more information on this www.gov.uk/vat-flat-rate-scheme or contact Gillian Wayne on Tel. 01324 441258 or email gillian.wayne@drummondlaurie.co.uk

Value Added Tax (VAT)

By | Blog | No Comments

vat-2Are you currently in business?  If so, should you be VAT registered? Drummond Laurie Chartered Accountants

For many businesses, being VAT registered can be advantageous, depending on the type of business you have and your client base. The current VAT registration limit is £83,000.  This means that if your turnover in the previous 12 months reaches this, or you expect it will within the next 30 days, registration becomes compulsory.  You then can’t deregister until your turnover is below £81,000, again for a 12 month period.  Failure to register on time can result in penalties being applied by HM Revenue & Customs.

The government website has more information on this,  www.gov.uk/vat-registration or contact Gillian Wayne on Tel. 01324 441258 or email gillian.wayne@drummondlaurie.co.uk

 

 

Happy Anniversary!

By | Blog | No Comments

silver-weddingToday is a special day for David and Jane Wheeler, 25 years ago they said I do!Drummond Laurie Chartered Accountants

Congratulations and our very best wishes to you both on your Silver Wedding Anniversary, have a happy day and here’s to many more great years ahead.svcscandrummondlaurie-co-uk_20150827_094547_003-2

 

 

 

 

In our role as advisers, the most common question we receive is “how can I reduce my tax bill?”

By | Blog | No Comments

Drummond Laurie Chartered AccountantsThere are a number of ways in which you can legally reduce your corporation tax bill, although certain of these require to be thought about before the business’ year end.  Make a point to set aside some time a couple of months before your business year end and consider the following matters in order to ensure that the maximum tax relief is received as early as possible:

Is there any capital expenditure I need to incur in the near future?

For the most part, capital expenditure can qualify for 100% tax allowances and so, making these purchases before the year end can dramatically reduce your next tax bill.  It is important to note that this allowance does not apply to premises, land or cars.

Is my stock overvalued?

If your stock is overvalued for any reason, this inflates the profit reported in the business and, therefore, the tax due.  Reviewing stock and writing off old, obsolete or slow moving stock lines will reduce the overall profit and the corresponding tax due.

Are all of my debtors likely to pay?

If you are approaching your year end and there are a number of outstanding sales invoices which you are uncertain about in relation to their recoverability, including a provision against these specific debts “going bad” will be treated as an expense and reduce your tax liability.

Are there any bonuses due based on this year’s performance?

If you have had a busy year and there are likely to be bonuses paid to staff based on this performance, make sure these are provided for before your year end to ensure that the tax relief is attained in the current year.

Have I maximised my pension contributions this year?

In the case of owner managed businesses, this is an area we believe is vitally important in relation to personal planning and tax planning.  If the company makes a pension contribution into your pension fund on your behalf, this is an allowable tax deduction for the business while also aiding towards your retirement income.  Pension regulations have changed significantly in the very recent past and we are now seeing an increasing number of clients use pensions simply as an extremely tax efficient way to save for their retirement.  There are very specific rules in relation to this, so specialist advice should always be sought.

If you have any queries on any of the points noted above, please contact Robert McMillan who will be happy to advise on this.  You can contact Robert by telephone on 01324 441267 or by email on robert.mcmillan@drummondlaurie.co.uk.

 

 

Our Growing Team!

By | Blog | No Comments

Drummond Laurie Chartered AccountantsIMG_2562 (2)After completing a Summer Internship here in 2015, we are delighted to welcome Gemma Ramsay as a C.A. student to Drummond Laurie. Gemma graduated from Stirling University with a BAcc Honours degree in Accountancy with Business Law and will soon start her ICAS qualification.  In her spare time Gemma can usually be found in the gym or socialising with friends and family.IMG_2563 (2)

Barry Evans has also joined us as a Senior Accountant having recently become ACCA qualified. He has worked in practice for over 6 years and is looking forward to building working relationships with clients of Drummond Laurie.

When out of the office, Barry is a keen footballer and likes to travel.

 

 

Let's Get Started: Contact Us