Welcome to Barrie Scott & Co

Are You?

  • Struggling with your tax return?
  • Looking for an accountant who will help you make more profit and pay less tax?
  • Starting out in business?

We can help. Barrie Scott & Co is a firm of Chartered Accountants and Registered Auditors with offices in Falkirk and Bathgate. We offer audit, accounts, and taxation services together with business support and advisory services to a wide range of owner managed businesses, clubs, associations, charities and individuals.

We work hard to get to know you in order to deliver timely individual advice tailored to your specific needs.

To find out more about how we can help you and your business click here for an overview of our services. To find out more about us click here. To access a wealth of information visit our resource centre or view our free factsheets.


Ben Nevis Challenge

Team Barrie Scott successfully completed The Ben Nevis Challenge on 20th June taking a little over 11 hours to cover the ascent of Ben Nevis, followed by 33 miles of cycling and a canoe course on Loch Lochy. The team, Jill McEwan, Craig Allison , Alan Swords and Clive Scott, with logistical support from Catherine Crombie, surprised themselves by finishing in the top half of the 88 teams participating. Some £9,000 was raised for our nominated charity Strathcarron Hospice. A big thank you to all donors.


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The current hot topic

Residential property

The government has issued guidance and examples on the restriction of income tax relief for interest costs incurred by landlords of residential properties. The new rules, which are phased in from April 2017, only apply to residential properties and do not apply to companies or furnished holiday lettings.

From April 2017 income tax relief will start to be restricted to the basic rate of tax. The restriction will be phased in over four years and therefore be fully in place by 2020/21. In the first year the restriction will apply to 25% of the interest, then 50% the year after and 75% in the third.

The restriction may result in additional amounts of tax being due but will depend on the marginal rate of tax for the taxpayer. Basic rate taxpayers should not be substantively affected by these rules. A higher rate taxpayer will, in principle, get 20% less relief for finance costs. However the calculation method may mean that some taxpayers move into the higher rate tax brackets as the following example illustrates:

Consider the 2020/21 tax year when the transitional period is over. Assume that the personal allowance is £11,000, the basic rate band £32,000 and the higher rate band starts at £43,000.

Assume Ellisha has a salary of £28,000, rental income before interest of £23,000 and interest on the property mortgage of £8,000. Under the current tax rules, taxable rental income is £15,000. She will not pay higher rate tax as her total income is £43,000 - the point from which higher rate tax is payable.

With the new rules, taxable rental income is £23,000. So £8,000 is taxable at 40% - £3,200. Interest relief is given after having computed the tax liability on her income. The relief is £8,000 at 20% - £1,600. So an extra £1,600 tax is payable.

Other complications

It should be noted that the tax reduction cannot be used to create a tax refund. So the amount of interest relief is restricted where either total property income or total taxable income (excluding savings and dividend income) of the landlord is lower than the finance costs incurred. The unrelieved interest is carried forward and may get tax relief in a later year.

Child benefit is clawed back if 'adjusted net income' is above £50,000. Interest will not be deductible in the calculation of 'adjusted net income'.

The personal allowance is reduced if 'adjusted net income' is above £100,000.

Please contact us if you would like advice on how these rules will affect you.

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