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Tax Tips

Mark McColgan

Mark McColgan

Senior Manager

“Having the right structure for your business is always a key factor in ensuring success, but given current circumstances this should be of higher importance. The structure of your business can specifically help to ensure that high value assets are fully protected from risk.

If you would like to discuss your business structure and options for restructuring, our EQ Taxperts can provide you with the information you need.”

Louise Grant

Louise Grant

Partner

“R&D can apply to all innovative companies that have undertaken problem solving activities to adapt or create new processes or products, regardless of sector.

With R&D claims finalised in around 3 weeks, and tax repayments typically as little as 4 weeks beyond that, now is a great time to submit a claim to increase your cashflow.”

John Langlands

John Langlands

Partner

“Many businesses have concerns over customers settling their debts.

Remember that previously paid VAT on debts over 6 months old can be recovered in the event that a debt is likely to go bad, thereby boosting cash flow.”

Rachel Bell

Rachel Bell

Partner

“Whether you are a company or not, a review of your business year end is a great way to take stock of how you’re doing.

Assessing whether you have the right year end could yield some interesting cash flow savings for your business.”

Michelle Murray

Michelle Murray

Manager

“Your 31 July 2020 tax payments can be deferred under Coronavirus guidelines, but you should check whether you have over paid your taxes.

If so, get your tax return in early as you may be able to get a tax refund if you’ve paid too much.”

Steven Todd

Steven Todd

Partner

“Many businesses have concerns over customers settling their debts.

Remember that previously paid VAT on debts can be recovered in the event that a debt is likely to go bad, thereby boosting cash flow.”

Ross Oliphant

Ross Oliphant

Partner

“For those eligible for the Government’s Coronavirus Job Retention Scheme, the online portal is now live.

Make sure you have all the necessary details ready, including the amount you are claiming for before starting your claim. Get in touch if you require assistance with the calculation.”

Liz Goldie

Liz Goldie

Manager

“Making a Research & Development claim could help generate much needed cash flow for your business.

Claims should only take 3 – 5 hours of your time and can be done over the phone, which could result significant tax refunds. Speak to our R&D Taxperts who can assess your eligibility.”

Robert Young

Robert Young

Partner

“The new 2020/21 tax year starts today, bringing some personal and business tax changes.

With most people now working from home or in self isolation, there’s no better time to start preparing your tax information for 2019/20, understanding your overall income and tax position has never been more important”

Laura Dorward

Laura Dorward

Assistant Manager

“The Coronavirus Job Retention Scheme can provide a grant of 80% of furloughed workers’ wages up to £2,500. It is expected that employers borrow or self-fund to provide the wage packet before the grant can be claimed but will be backdated.

If you need short term cash flow support, your business may be eligible for a Coronavirus Business Interruption Loan and we can help you apply.”

Download our EQ app and keep up to date with tax news, changes and have access to our EQ Portal, tax calculators and key tax dates at your fingertips. Click on the relevant button on your device to download our free app.

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