“An often overlooked issue in tax is asset protection.
All businesses should consider whether their current structure sufficiently protects their key assets.”
“The Coronavirus pandemic has seen a lot of employers with staff who have shown immense loyalty.
Widening share ownership might allow grateful business owners to say thank you.”
“One of the most difficult decisions any family business will have to make is how best to pass the business on to the next generation.
The earlier you speak with your accountant about succession planning, the earlier any issues can be considered and solutions found.”
“Remember that your 31 July 2020 payments can be deferred under the emergency Coronavirus announcements.
However, payments will have to be caught up by 31 January 2021.”
“Many businesses will experience early losses as their businesses revert to full capacity.
The tax efficient use of losses may be key to a positive cash flow.”
“Businesses have been in receipt of grant and furlough assistance from the government during this pandemic, but it should be borne in mind that this income is taxable on the business.”
“The current Coronavirus has reduced potential asset and share values, which may assist in any succession or gifting strategy you may have been considering.
To discuss your succession options, speak to our Private Client Taxperts.”
“From 6 April 2020, Capital Gains Tax (CGT) must be reported and paid to HMRC within 30 days of completion of the disposal of a property.
In order to gather the necessary information so that the disposal can be reported in the escalated timescale, speak to our Property Taxperts before selling and they will help guide you through the process.”
“P11d forms need to be completed by businesses on or before 6th July 2020 and these should record any benefits received from an employer such as private medical or company car and fuel benefits.”
“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.”