News

Xeinadin Developments

20 May 2022

We are delighted that the Xeinadin Group, the parent group of Stewart Gilmour & Co, has completed on the strategic partnership and significant minority investment from Exponent, a leading UK and European mid-market private equity firm, which was announced in February 2022.


This investment will provide us with the resources to invest further in the expertise, technology and infrastructure to help you achieve your business and personal goals. We’re confident that over time you will reap the benefits as we continue to invest in our business, so that in turn we can invest in yours.


On a day-to-day basis, it will be business as usual and it will not have an impact on our relationship with you, but should you like to learn more, please do not hesitate to contact us.


Chancellor's Autumn Statement

28 October 2021

Autumn Budget 2021


The Chancellor, Rishi Sunak, has just unveiled his Autumn Budget in the House of Commons.  Alongside measures relating to business rates, levelling up and transport infrastructure he also announced 40 new hospitals, 70 upgrades for existing hospitals, 20,000 new police officers, 50,000 more nurses, £4.7bn for schools and a new £300m start for life fund.


Talking about the economy, the Chancellor said that they are forecasting growth to return to pre-pandemic levels by the end of 2021, followed by a  growth of 6% in 2022.


Below are a number of highlights from the Autumn Budget:


£22bn R&D investment targeted

The Chancellor said that R&D investment would grow to £22bn by 2026/27, reaching £20bn by the next general election in 2024.


He also announced that the system is set to be modernised from April 2023, planning to widen the scope to include cloud computing and data costs plus a focus on domestic investments.


50% business rates discount for leisure and hospitality businesses

Businesses in the leisure, hospitality and retail industries will benefit from a 50% discount on business rates, up to a maximum of £110,000.  This includes pubs, music venues, cinemas, restaurants, hotels, theatres and gyms.


The planned increase in the multiplier has been cancelled.


Pubs, breweries and cider makers benefit from tax reforms

Reforms to the UK Alcohol Duty reduces the number of rates from 15 to just 6.


To benefit community pubs who do 75% of their trade on draft, a new Draft Relief lowers the rate of duty on draft beer and cider.  The surcharge on sparkling wines will also be abolished.


The planned increase in duty on spirits such as Scotch whisky, wine, cider and beer have all being cancelled with effect from midnight tonight.


National Living Wage increasing to £9.50 an hour

From April 2022 the National Living wage will increase from £8.91 per hour to £9.50.  This rise represents an increase of just over £1,000 a year for a full time worker (based on a 35 hour working week).


The chancellor also confirmed that the government is targeting a rise in the National Living Wage to more than £10 by the next election.


Bank of England asked to maintain low and stable inflation

A result of increased demand, reduced supply, an increase in energy costs, and supply chain issues, the chancellor said the current rate of inflation would take months to ease.


Currently forecast to hit 4% in 2022, the Chancellor said that he had sent a letter to the Bank of England asking them to maintain a low and stable inflation.


Recovery Loan Scheme extended

Not mentioned in the Chancellors speech but the Recovery Loan Scheme has been extended until 30th June 2022 to ensure that lenders continue to have the confidence to lend to small and medium-sized businesses.


The Recovery Loan Scheme provides finance up to the sum of £2m per business and is currently backed 80% by the government, this is soon to reduce to 70% to encourage a move to normality as the economy recovers.


 


Stewart Gilmour & Co, part of the Xeinadin Group

16 October 2020

We are delighted to announce that Stewart Gilmour & Co are now part of the Xeinadin Group, an exciting consolidation of over 110 independent accountancy firms across the UK and Ireland.  While clients will still be dealing with ourselves at local level on a day-to-day basis, the access to experts in a wide range of specialisms as well as enhanced technical backup and resources will enable a more comprehensive range of professional services to be offered.  To facilitate the new structure our firm is now trading as a limited company, though the partnership will continue to operate in parallel for several years, primarily to continue statutory audits and for insurance run-off purposes.


Coronavirus Self Employed Income Support Scheme

05 May 2020

Details have been announced by HMRC on how the Self Employed Income Support Scheme (SEISS) is to be administered.  Payments of taxable grants will be for 80% of average monthly taxable profits for the 3 years to 5th April 2019, subject to a maximum grant of £2,500 per month. Taxpayers whose main source of earnings isn't from self-employment or who earn an average of over £50K per annum are ineligible.  Although you can currently check your eligibility at https://www.gov.uk/ in order to make the claim for the Grant each taxpayer will require to have a government gateway, which can be set up at weblink https://www.gov.uk/personal-tax-account. From there contact details can be input and from mid-May claims can be submitted on-line.  HMRC anticipate making the first payments 6 days after the claim is submitted, othwise from early June, though it should be noted that the claims are for March – May 2020. Further details about making claims are available at  https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme#claim


Screen Scotland Development Support Package

14 April 2020

Screen Scotland has unveiled details of a £1M development support package for Scotland's independent film and TV companies which can be accessed from 14 April 2020.  Applications of between £3K and £50K to develop projects over the following 3 to 6 months are invited to assist with forward-planning of productions for when Coronavirus filming restrictions are lifted.  This can run in parallel with Screen Scotland's Bridging Bursary scheme which went live earlier in April.  Further details can be found at screen.scot.


Covid-19 Film and TV Emergency Relief Fund

11 April 2020

An emergency relief fund has been launched to assist active workers in the film, TV and cinema industries facing significant financial hardship as a result of the Covid-19 crisis, with donations having been received from the BFI, Netflix and the National Lottery.   The fund is being administered by the Film & TV Charity with time-limited applications being considered based on need and can result on one-off grants of between £500 and £2,500.  Further details are available online at :
https:/filmtvcharity.org.uk/covid-19-help-1dvice/covid-19-relief-fund/ 
Repayable grants of up to £2,500 can also be offered to those eligible for the government's Self-employment Income Support Scheme, but who are struggling with the wait before payments in June.


Changes to Coronavirus loan scheme

03 April 2020

Following criticism of the initial restrictions on eligibility to the government's emergency loan scheme some relaxations have been announced by the Chancellor.  Loans of up to £250K are no longer to require personal guarantees or for potential borrowers to have first exhausted applications through other channels.  The scheme is also being expanded to apply to larger companies of up to £500M annual turnover with the borrowing ceiling raised to £25M.  Interest rates will not be capped, however, despite funds being made available to banks at near zero percent. 


Coronavirus Support Schemes Available

25 March 2020

Download more on our Coronavirus Support Schemes here.


Coronavirus pandemic office arrangements

25 March 2020

As a designated provider of essential services under the Coronavirus emergency legislation Stewart Gilmour & Co., Chartered Accountants, will continue to operate as normal a service as is possible to its clients throughout this period. The firm's Glasgow office, however, will be closed and calls diverted to the Ayr office where certain staff will continue to provide urgent services including payroll processing and client enquiries about the business impact of Coronavirus. Regrettably face-to-face meetings are unlikely to be feasible so clients are recommended to communicate by email or phone call in the first instance. Since staff numbers are being reduced by social distancing measures, homeworking and furloughing as well as potentially self-isolation there may be some delays in responding to queries.


IR 35 Delayed

18 March 2020

As a result of the Coronavirus pandemic the government has announced the postponement of the rollout to the private sector of its controversial IR 35 legislation on off-payroll workers . Implementation of IR35 will now begin a year later than intended from 6th April 2021 instead of 2020.



How Can We Help?

To arrange a no obligation meeting with one of our Partners, call us today on 01292 266768 (Ayr) or 0141 275 4890 (Glasgow)