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Tax Tips

Sarah Millar

Sarah Millar

Manager

“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.”

Robert Young

Robert Young

Partner

‘It’s important to submit your Self-Assessment returns by 31 January 2021, as HMRC have confirmed that they won’t automatically waive any late filing penalties.

If you are unable to file on time due to COVID-related personal or business disruptions, contact HMRC as they will not penalise people who need more time.’

Sandi Drummond

Sandi Drummond

Assistant Manager

“Businesses that deferred their VAT payments earlier this year will have the option of paying their balance in 11 monthly payments throughout the year to the end of March 2022 and will be charged no interest.

You must opt-in to use this new deferral system which is expected to be introduced in early 2021.”

Rachel Bell

Rachel Bell

Partner

“Did you know that a limited company structure may help reduce overall tax liabilities and improve cashflow for your business?

Potentially lower tax rates and easier raising of finance from outside sources may mean that incorporation is a good idea. Our Transaction Taxperts can explain the benefits specific to your business and help you through the process.”

Jordan Forbes

Jordan Forbes

Semi Senior

“HMRC have introduced an enhanced Time to Pay arrangement for Self-Assessment taxpayers. You can now set up a monthly payment plan online if you meet the criteria.

However, you will be charged interest from 1 February 2021 until the debt is fully paid.”

Ross Oliphant

Ross Oliphant

Partner

“With the Annual Investment Allowance of £1m extended for another year, it would be wise to consider effective tax planning of capital expenditure to maximise the relief available. Getting the timing right is critical as getting it wrong even by a day could prove costly.

Our EQ Taxperts can advise on the best time to incur capital expenditure and what you can claim.”

Gavin Nurse

Gavin Nurse

Manager

“Coronavirus (COVID-19) antigen or RNA tests bought by employers during the current tax year 2020-21 were previously treated as a taxable benefit in kind but HMRC have now agreed that tests purchased from 8 December 2020 until the end of the tax year will be exempt from Income Tax.

This means that from 8 December, you can provide third party testing for your employees without increasing their tax liability.”

Natalie Filipovic

Natalie Filipovic

Senior

“R&D tax credits are not tax planning, but rather a claim to which eligible companies are entitled.

Contact our Taxperts for a free initial assessment of your eligibility to claim, you might get a nice surprise.”

Mark McColgan

Mark McColgan

Senior Manager

“Electric or hybrid vehicles can offer some decent tax breaks.

When considering your next choice of vehicle, car or van, why not contact us to explore your financing and tax options.”

Lynne Vaughan

Lynne Vaughan

Senior Manager

“With ongoing changes to COVID funding and support, it’s never been more important to maintain up to date and accurate financial records.

If you’d like assistance with your record keeping, get in touch.”

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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