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Tax Tips

Michael Stephenson

Michael Stephenson

Manager

“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.”

Laura Dorward

Laura Dorward

Assistant Manager

“The deadline of 31 January 2020 for submitting your Self Assessment tax return is fast approaching.

Filing late can result in an automatic £100 fine, so don’t delay in submitting your tax return. If you are worried about meeting your deadline, get in touch with your accountant today.”

Dougie Rae

Dougie Rae

Partner

“A UK-domiciled individual is taxable on their worldwide income and gains for any year in which they are a UK resident.

Make sure you know your residence position before filing your self-assessment ahead of the 31st January 2020 deadline.

Speak to your accountant for help with your international tax position.”

Angela Haig

Angela Haig

Partner

“With Christmas fast approaching, now would be a good time to think about using the IHT Gift Annual Exemption of £3,000.

You can also give small gifts of up to £250 per person, provided you have not used another exemption on that person. Remember – there is no limit on the number of small gifts that you can make.”

Mark Smeaton

Mark Smeaton

Partner

“Are you are considering giving Christmas gifts to employees this year?

Providing the cost is no more than £50 per employee, and the gift is not cash or a voucher that can be exchanged for cash, then you will not have to pay tax on that benefit.  Why not show your appreciation by gifting a bottle of wine, flowers or maybe even a turkey this festive season.”

Liz Goldie

Liz Goldie

Assistant Manager

“Shareholders should be aware of the adverse tax implications of gifting shares to their employees. Instead, avoid unwanted tax charges by offering employees EMI share options.

EMI options are a tax-efficient means of giving employees shares in their employer company, and have minimal set-up costs. To find out more, please contact our Employer Solutions Team.”

Mark McColgan

Mark McColgan

Senior Manager

“If you are thinking of selling all, or part of your business – have you considered the options and do you know about the potential tax reliefs available?

Our advice is that you must plan any sale in advance to minimise your tax bill.  Speak to our Transaction Taxperts for more information.”

 

Louise Grant

Louise Grant

Partner

“Payments on account for the current tax year, 2019/20, are due in January 2020 and July 2020 and are based on your income tax liability for 2018/19.

As we are now ¾ of our way through the 2019/20 tax year, you may be in a position to know whether your total taxable income is going to be less than that of 2018/19.  If this is the case, your payments on account can be reduced accordingly.”

Graeme Davidson

Graeme Davidson

Partner

“Do your accounting records give you, and your advisors, good enough information on which to base management decisions and undertake tax planning?

Using cloud accounting software such as Xero and financial management add-ons like Figured can help farming businesses do both.”

Cheryl Whitton

Cheryl Whitton

Supervisor

“Residential property landlords, due to legislative changes, have been reconsidering their business strategy.

In our experience, it’s first important to get the basics of ownership and expenses deduction right first before exploring more complex routes.”

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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