“With many businesses investing heavily in capital expenditure to comply with COVID-19 restrictions, capital allowance planning is more important than ever as up to 130% tax relief could be obtained on qualifying expenditure.”
“Cloud accounting packages give business owners great scope for up to date, relevant management reporting.
Using this information effectively should help you make informed tax planning decisions too.”
“With the Leisure and Hospitality sector re-opening, the importance of accurate working capital management is crucial.
Cash flow forecasts can help identify ‘pinch-points’ in advance to ensure proactive action can be taken.”
“Many families run investment businesses which often provide opportunities for rewarding family members very tax efficiently.
We are here to support you through this planning process for your business.”
“Over the past year businesses and individuals have been in receipt of various forms of financial support whether that might be Business Support Grants, CJRS, SEISS or indeed many other grants.
Remember that these forms of income support are taxable and should therefore form part of your tax budgeting.”
“Many people have multiple employments and in this situation it is not uncommon for them to overpay National Insurance contributions (NIC).
Our Taxperts would be happy to review your position and help you recover any NIC overpayment from HMRC.”
“The super-deduction for qualifying plant and machinery purchases post 1 April 2021 make it essential for businesses to reassess their capital expenditure budgets to take advantage of the new rules.”
“For leisure businesses, the extension of the 5% VAT band to 30 September 2021 (12.5% from 1 October 2021 to 3 March 2022) means that forward bookings and charges can be secured with VAT certainty.
The rules are prescriptive and you should take advice to ensure your business makes full use of this potentially valuable rule.”
“Many businesses have sustained losses in the past year and the three year carry back of losses announced in the Budget should be considered by any business in that position.
Greater flexibility of loss usage may significantly enhance your cash flow.”
“The 2021 UK Budget will be delivered by Chancellor, Rishi Sunak, on Wednesday 3rd March.
Our EQ Taxperts will keep you abreast of all the changes and what they will mean for you and your business.”