Monthly Archives: March 2016

Changes lie ahead in 2016, have you structured your affairs well enough to take advantage of relief’s while they are still available?

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Additional Pension Allowance Drummond Laurie Chartered Accountants

pensions allowWithin the summer 2015 budget changes were announced to the pension rules meaning that you may have the opportunity to double up your tax deductible pension contributions to £80,000 (normally restricted to £40,000). This opportunity is only available up to 5th April 2016 and you should contact your financial advisor if you wish to explore this further.

Budget Update

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Linked InDrummond Laurie final logoChancellor Osbourne delivered his first Spring budget of the new Parliament earlier this week.  He reported on “an economy set to grow faster than any other major advanced economy in the world”.  Whilst this may be true, it is of great significance that the rates of projected growth in the UK for the remainder of this Parliament have been reduced quite considerably and it will now test all of the Chancellor’s financial wizardry to reach his stated aim of a budget surplus by 2020.  What are the implication of this for all of us?  In all probability, more years of austerity than previously expected lie ahead for the UK.

Much of what was included in the budget had been released in previous statements and so was not of great surprise.  However, there were a few unexpected announcements and we will be digesting how these affect our clients in the coming days and weeks and getting ready to advise accordingly.

Of particular relevance to many people will be the following;

  • The reductions in capital gains tax were not expected although it should be borne in mind that they will not affect most people selling a trading business nor anyone making a gain on a residential property which is not their main home.
  • There has been much speculation over the last year around radical changes to the pension landscape.  Whilst we did not see that in this budget we did see the introduction of lifetime ISA’s.  Could this be the Chancellor “testing the water” on a different method of people saving for their retirement?
  • We were already aware of the “dividend tax” which will come into force from 6th April 2016 at the rate of 7.5% on top of existing applicable rates of tax.  We will be advising our clients on how this will affect them and ensuring that their dividends around this date are treated in the most tax advantageous way possible.
  • The NIC Employment Allowance is being increased from £2,000 p.a. to £3,000 p.a. from April 2016.  This should be claimed through your payroll and for any clients where Drummond Laurie operate the payroll we will do this as a matter of course.
  • The Higher Rate Tax threshold will increase to £45,000 from April 2017.  However, First Minister Sturgeon has already stated that this increase (and subsequent increases up to £50,000) will not be applied in Scotland.  Will this be the first in a series of steps to make Scotland a higher tax place to live than rUK?

We hope that you find our attached budget summary of interest and should you wish to discuss any aspect of the budget further please do not hesitate to get in touch with me or one of your other Drummond Laurie contacts.


David Wheeler, Partner

t: 01324 441252

m: 075000 94375



All about the Bairns!

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Drummond Laurie Chartered Accountants

bairns smaller logoLast Saturday saw the inaugural Bairns Business Club day at Falkirk Football Club when 85 members and guests enjoyed some hospitality, a Falkirk win and an afternoon of entertainment.  Thanks to Falkirk Football Club for supporting this event with players and coaches, back room staff and directors all involved.

One of the match mascots on the day was one of our Drummond Laurie Bairns, Gillian Wayne’s daughter Jessica who loved every minute!jess2

Blog2The business club was established in 2015 to offer the business community of the Falkirk area a forum to meet, socialise and do business in an informal and relaxed setting.  We hold bi-monthly breakfasts and events such as the day last Saturday throughout the year.

If you would like find out more or come along to one of our breakfasts and judge for yourself please contact Gillian Niven on 01324 441280 or email



Buy To Let Property Owners to Potentially Pay More Tax

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Drummond Laurie Chartered AccountantsIn the 2015 Summer budget, the chancellor announced that, from April 2017, residential landlords will be restricted on the amount of mortgage interest they can claim as an expense.  This will be phased in from 2017/18 to 2020/21, at which point the individual will only be allowed an income tax deduction at the basic rate (20%) on the interest paid.

buy to letThis could significantly affect higher rate and additional rate taxpayers with residential property lets, although details of how the new rules work are limited at this stage.  If there are a number of properties held by higher rate taxpayers, the best option may be to use a limited company in order to facilitate the rentals, as this allows the mortgage interest to be deducted from rental income in full but professional assistance should be sought before utilising this option.

It is important to note that this only applies to residential properties that do not qualify as furnished holiday lets.

Should you have any queries on this, please contact David Anderson on 01324 441260.

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