“If you’re finding it difficult to pay your tax bill due to the affects of COVID-19, contact HMRC to ask for a Time to Pay arrangement.
You can call the dedicated ‘HMRC Coronavirus Helpline’ on 0800 024 1222.”
“With inheritance tax payable at 40% on amounts above the lifetime allowance of £325k, you should consider giving a gift out of income if you’re in a position where you earn more income every year than you spend to maintain your lifestyle.
To discuss the available options to help reduce your inheritance tax estate, speak to the Private Client Taxperts.”
“Remuneration planning is a regular consideration for most business owners, but should you always take dividends over salary?
Dividends are taxed at lower rates and they are not caught by the Scottish rate bands, however they may not always be the best option. Our EQ Taxperts can guide you toward the most tax efficient route.”
“If you haven’t used your ISA allowance for 2019/20, you could be missing out on tax free savings of up to £20,000.
You only have until 5 April 2020 before the allowance for the year is lost, so speak to our Private Client Taxperts about your tax efficient saving options.”
“If you are planning to purchase a property, and intend to provide the construction services to develop this property, it may be beneficial from a VAT planning perspective to separate the two operations.
For help with this, contact our VAT Taxperts.”
“Company contributions to personal pension schemes are an often overlooked profit extraction method and can also be a tax efficient way to remunerate employees.
EQ can assist in reviewing your profit extraction and remuneration policies to ensure these are appropriate for your business.”
“Successful businesses focus on improving the things they can influence.
As we approach the end of another tax year on 5 April, now is the time to speak to your advisor about pre year end tax planning strategies, to ensure that you are making the most of the tax reliefs and allowances that are available to you.”
“More and more people are considering fully electric or hybrid company cars as they can provide a number of tax benefits for both individuals and business users.
If you would like to discuss your options for making the best use of available tax reliefs with electric or hybrid vehicles, our EQ Taxperts can provide you with the information you need.”
“If you are thinking of selling all, or part of your business – have you considered the options and is your capital gains tax clear on the gain anticipated?
Our advice is that you must plan any sale in advance where possible.”
“Receiving a tax repayment from HMRC is a great experience, however, it could be a sign that you should never have paid the tax in the first place.
Though receiving a tax rebate is great, it can mean that you are not in the correct tax band. EQ can assess your tax position to ensure you pay the correct amount of tax due.”
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Chartered Accountants
