Monthly Archives: March 2019

Spring is in the air

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Drummond Laurie Chartered AccountantsOne of the highlights of the farming year, lambing season is a challenging but joy-filled time for our farming clients.

It’s miraculous. Amazing. Unforgettable. And yet it’s commonplace on British farms. Every year, 16 million ewes give birth in the UK.

These days, lambing takes place anytime between November and May – but the birth rate still peaks in spring.

Here’s a lovely picture of Elaine Campbell’s baby son Euan experiencing his first lambing.



Looking Forward – Tax Planning

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Drummond Laurie Chartered AccountantsWith the end of the 2018/19 tax year fast approaching (5th April 2019), it is important to consider whether you have made full use of the tax allowances which are available.  


Pension Contributions

Each UK tax payer has an annual allowance of £40,000 which can be invested into a pension.  The allowance can be carried forward for a maximum of 3 years, so if no contributions have been made in prior years there could be allowances of up to £160,000 available, including the current year.

For limited companies, contributions are allowable for tax purposes resulting in a reduction in corporation tax liabilities.

For sole traders and partnerships, tax relief is available at the highest rate of tax resulting in a reduction in income tax liabilities.

Dividend Allowance

Dividends up to £2,000 are tax free for each tax payer.  For those who are married, an effective way to utilise this exemption would be to ensure assets returning dividends are jointly owned by spouses meaning both individuals allowances can be used.

Individual Savings Accounts (ISA’s)

Up to £20,000 per tax year can be invested by each tax payer into ISA’s.  Interest and capital gains from returns generated by funds held within an ISA are not subject to income tax or capital gains tax.  With funds generally available to withdraw at any time, ISA’s offer a tax efficient investment while also offering an element of flexibility to the individual.

Marriage Allowance

For married couples or civil partners where one spouse earns below the personal allowance (£11,850) and the other is not a higher rate tax payer, there is the opportunity to transfer 10% of your personal allowance.

These are just a few of the options available – for more details please contact us via e-mail on or phone 01324 441250.

Plan for the Future

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Drummond Laurie Chartered AccountantsEstate planning is a difficult area for many to think about and as a result is often not addressed. As professional advisers we encourage our clients to think about the future and ensure that their affairs are in order, their wishes can be upheld and any taxes are minimised. Everyone is different and the action needed therefore varies.

Having an up to date will in place which reflects your current wishes is arguably one of the most important things you can do. A will is a legally binding document which states how you wish your estate to be handled upon death. Not only does it make things easier for your loved ones, it can also help prevent a lengthy and costly legal process.

Another important legal document is a power of attorney (PoA). This document is drawn up when you have the capacity to do so and gives someone, known as the attorney, the legal authority to take action and make decisions on your behalf in relation to your financial/property matters and/or personal welfare. A PoA will be used when you become incapable and thus unable to make decisions yourself, although can be used prior to this to help you with your finances. Without a PoA your family/friends potentially could have to go to court to seek authority to act on your behalf.

It is important that you regularly review your plans and ensure that such documents as your will and PoA are up to date and reflect your current wishes.

It’s never too early to plan for the future and speaking with professional advisers such as ourselves is often crucial in successful succession planning. If you have any concerns around this or need some assistance, we can be contacted on 01324 441 250 or

Welcome Holly!

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Drummond Laurie Chartered AccountantsHolly joined us a couple of weeks ago as an Accounts Assistant who will be working in both the Grangemouth and Perth offices.

Holly graduated last year from the University of Stirling with a BAcc Hons in Accountancy & Economics, she is looking forward to the challenges that lie ahead and hopes to start studying towards becoming a Chartered Accountant with ICAS in September this year.

In her spare time she enjoys going on holiday, cooking and reading.

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