Following on from our last Blog, we now take a closer look at the impact of changes to Scottish Income Tax rates, which come into force on 6 April 2018.
Back in October, I spoke at a seminar for HR and OD specialists on the topic 'The Dark Side of Leadership.' At first, I thought the topic had been requested due to the imminent arrival of Halloween, but was informed that it was chosen as it is an issue that has caused many members of the audience some sleepless nights.
First-time buyers in Scotland will no longer pay Land and Building Transaction Tax on properties costing up to £175,000. Finance Secretary Derek Mackay announced the move in yesterday’s Scottish draft budget, though the new relief it is not expected to be in force until after April 2018.
The wait is over. As expected, the Finance Secretary announced significant changes to Scottish Income Tax in yesterday’s budget, introducing new tax bands and rates, which will take effect from 6 April 2018.
Following in the footsteps of a charismatic, highly successful leader can be daunting at the best of times; David Moyes, for instance, had his work cut out following Sir Alex Ferguson at Manchester United and Tim Cook followed a titan of innovation in Steve Jobs at Apple. The culture is often built around that person, the staff looks to them for direction and they make the job look effortless. If they have founded the company chances are that there will be a few long servers who owe their loyalty, and much of their careers, directly to the incumbent leader. That is a tough act to follow. Now, what if that person is also your Mum or your Dad?
Back in 1995, not long after setting up my first consultancy business, I was introduced to a very impressive young MD from Premier Foods called Nigel Conquest who had taken the reins at a tea factory in the east side of Edinburgh. We were introduced because I had previously done some research on Self Managed Work Teams (SMWT) and Nigel had a vision of creating a modern factory built on the concept of self management. We were both convinced that SMWTs were the future of manufacturing and were excited to consider an opportunity to be in the vanguard of the SMWT revolution in the UK. We even had a video by the great Tom Peters which provided four examples of how SMWTs work in such illustrious businesses as Harley Davidson, and wisdom from Tom himself stating that SMWTs would be the norm in the 21st century.
Considering a management buy-out? Brian McMurray, Director at Anderson Anderson & Brown LLP highlights some of the pitfalls to keep an eye out for.
HMRC has been concerned about individuals working through personal service companies (“PSC”) and similar arrangements for over 2 decades – viewing it as a way of avoiding PAYE and Class 1 NIC, when, in HMRC’s view, the individual is acting as an employee save for the PSC in the middle.