Talk to the Taxperts

01382 312100

Tax Tips

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.”

Robert Young

Robert Young

Principal Manager

“If a business qualifies for Entrepreneurs’ Relief, a Capital Gains Tax rate of 10% will apply but there are several potential restrictions to avoid.

Review your existing ownership structure to ensure that your current arrangements meet the current criteria for securing Entrepreneurs’ Relief, particularly given recent changes.”

Rachel Bell

Rachel Bell

Principal Manager

“For larger, more profitable companies, the quarterly payment regime for corporation tax applies (if your annual taxable profits exceed £1.5m).

Avoid having unnecessary group companies as they can bring down this threshold and accelerate the date on which you pay corporation tax.”

Jordan Forbes

Jordan Forbes

Trainee Tax Advisor

“If you have annual taxable income of between £100,000 and £125,000, did you know that any charitable donation might attract over 60% of income tax relief?”

Sarah Millar

Sarah Millar

Manager

“There are significant differences between the tax treatment of cars and vans. In many cases it will be obvious whether the vehicle you are purchasing is a car or a van for tax purposes, but in some cases it is not so clear.

To avoid unwanted tax charges, please discuss the position with your EQ Taxpert.”

Gavin Nurse

Gavin Nurse

Manager

“Tax enquiries and investigations can often be avoided by simply paying attention to good tax compliance.

Did you know that lodging accounts and tax returns right on the filing deadline is an indicator of tax risk to HMRC?”

Sandi Drummond

Sandi Drummond

Supervisor

“As a business owner, there are a number of tax-efficient benefits you can to offer to your employees.

Benefits are a useful tool for rewarding and incentivising key staff members, and the added bonus is that a number can be offered with no tax implications for the employer or employee. To find out more, please contact our EQ Employer Solutions Taxperts.”

 

 

John Langlands

John Langlands

Partner

“When you are developing property, it is important to discuss your intentions for that property with your tax advisor to maximise input VAT recovery.

You should also speak to your advisor if your intentions for that property change, as without proper planning this can result in input VAT recovery being blocked and previously recovered VAT being repaid to HMRC.”

Cheryl Whitton

Cheryl Whitton

Supervisor

‘When renting out residential property, it’s important to retain a record of the original purchase date and cost, any expenses such as LBTT or SDLT and any legal fees.

Invoices covering any amounts you have spent enhancing the value of the property should also be kept, failure to do so could increase your capital gains tax liability in the event of a sale.’

David Morrison

David Morrison

Head of EQ Taxation

“Are you a limited company ?

Have you been seeking to innovate a product or process in the past two years?

If you answered ‘yes’ to both of these questions, you could be eligible for valuable R&D tax credits.”

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.

Visit EQ Accountants Visit EQ Accountants

Explore the full range of EQ Expertise

acca
CA
icaew
the-charteded-institute-of-taxation-logo

2020-innovation
cherries
ACC 2019 LOGO Finalist