Hollis Accounting Limited is a small firm of Chartered Accountants and we celebrated our 15th anniversary in 2024!  We specialise in providing services to individuals; small and medium sized businesses as well as charities and not for profit organisations.

Our founder, Sarah Hollis, is a trained Chartered Accountant and member of the Institute of Chartered Accountants of Scotland. 

Suzanne Graham became a partner in 2016, after joining the firm in summer 2010, and is a Chartered Certified Accountant. 

In July 2012 Anne-Marie MacLellan joined the firm and she is a member of the Association of Taxation Technicians.  Margaret Leeming joined us in March 2015 and has now qualified as a Chartered Accountant having done her training with us.

Our clients are very important to us and we aim to ensure that all clients can be confident that their financial affairs are in good hands. As part of the service, a full scoping meeting is held to ensure we understand the needs of our clients and can tailor our services to their requirements.

This initial scoping meeting is free of charge so why don't you contact us to arrange one for yourself.

To find out more about the scope of services we can provide go to our 'services' page.

• approachable

• understandable

• fast to respond

• friendly

• knowledgeable

• our team benefits from a number of years experience with a

• background working within medium and large accounting firms,

• we will bring this expertise and

• quality of service to you

• at a reasonable cost.

CAPITAL GAINS TAX (CGT) CHANGES 

The Chancellor announced, in his autumn statement 2022, that the Annual Exempt Amount (AEA) available for individuals each tax year will decrease from 6/4/23. The AEA (for individuals) will dropped to £3,000 for 2024/25 onwards. The AEA is the annual tax free allowance towards any capital gains.

HMRC introduced several changes to Capital Gains Tax (CGT) regime, specifically in relation to residential properties, from 6 April 2020, which include: 

• 60 day reporting & payment window (note 30 day window if sale completed pre 27/10/2021)
• abolition of letting relief
• 50% reduction in deemed own home relief (PPR)

To find out more please click here to go to the Capital Gains Tax section of our services pages.

MAKING TAX DIGITAL (MTD)

Making Tax Digital came in for VAT registered businesses from 1 April 2019. If we currently prepare your VAT return we made sure you complied and if we don't currently prepare your return and you'd like help with MTD please contact us.

As always any queries feel free to get in touch - a bit more information can be found on our 'other services' page.

MTD ITSA - Making Tax Digitial is also being introduced for income tax from 6 April 2026.  This will impact sole traders and landlords as it is relevant for business &/or property income over £50,000. MTD of Income Tax Self Assessment (ITSA) will change how you report your income to HMRC as it will involve providing digital quarterly updates to HMRC.  As with MTD for VAT we are fully aware of the requirements & will be contacting you in spring 2026, once all the requirements have been finalised by HMRC (as its introduction has been delayed a number of times), to explain what is required and what action needs to be taken to meet these requirements. 

This MTDIT is being phased in over a number of years so there is staged introduction based on income levels with it being mandatory (note HMRC have advised there are no penalties during the first year):

• from 6/4/26 for those with qualifying income over £50k
• from 6/4/27 for those with qualifying income over £30k and
• from 6/4/28 for those with qualifying income over £20k

It is the gross income (before deduction of expenses such as letting agent fees) that is considered and if your qualifying income in total (consolidated) between property & self-employment is above the threshold then MTDIT applies.  For example if you had self-employment turnover of £40k and rental income (before expenses) of £11k your total qualifying income is £51k so MTDIT applies – HMRC have been writing out to individuals who they believe it applies to.

You can find out more on HMRC’s website as detailed below or get in touch with us. 

https://www.gov.uk/government/collections/making-tax-digital-for-income-tax-for-businesses-step-by-step 

OFFICE MEETING ROOMS

At end of August 2018 we expanded our premises to the basement level as well as retaining our current ground floor rooms at 3 Melville Crescent.  This means we now have 2 meeting rooms on the ground floor.  If clients (or other organisations/individuals) are interested in hiring these rooms for a meeting /seminar or training course please get in touch.

LOW EMISSION ZONE (LEZ)

The City of Edinburgh Council's Low Emission Zone (LEZ) restrictions will be enforced from 1 June 2024 with our office just within this Zone.  Chester Street & Drumsheugh Gardens are just outside the zone so if your vehicle is impacted by the restrictions we suggest you park there and walk around the corner to our office if you plan to visit our Melville Crescent office by vehicle. 

See further details at: https://www.edinburgh.gov.uk/homepage/10503/low-emission-zone