“COVID-19 has clearly had a negative impact on the value of many investments, properties and businesses.
Can you use these lower values to assist a succession strategy to the next family generation?”
“Many business disposals have performance based, deferred proceeds attached to them.
It’s easy to get the tax treatment wrong on these so please take advice to ensure there is no unexpected loss of tax reliefs.”
“If you are unable to pay a tax liability due to Coronavirus, it is important to speak to HMRC as soon as possible.
Not doing so can not only result in penalties but could also lead to an enquiry as being late with payments brings your record to HMRC’s attention.”
“If you are a limited company and involved in innovating new products or processes, successful or otherwise, R&D tax credits could be a great way to increase your cash flow quickly.”
“Fast growing businesses, including start-ups, desperately need great people.
Share schemes can be a great method for incentivising key staff and our taxperts can support you in setting up a scheme which works for you and your business.”
“Any individuals, including those self-employed, who have not previously completed a tax return but need to report a liability for 2019/20, must register with HMRC by 5th October 2020 to avoid any penalty charges.
If you need assistance with your tax return, please get in touch with our EQ Taxperts.”
“Small businesses can often miss out on vital tax deductible expenses by not reviewing their personal financial statements.
We would encourage business owners to check their personal credit cards and bank statements for legitimate business expenses as this common oversight could amass significant tax expenses.”
“For a basic rate tax payer, the tax on dividend is only 7.5%, a great rate. Becoming a shareholder can be a fantastic way to reduce your tax liabilities.
Careful financial planning is key to ensuring your tax compliance as well tax efficiency. “
“Property owners have had a tough time in the past few years with adverse legislative changes.
Are you taking advantage of all of the tax reliefs available to landlords?”
“With cash being king at the moment, a credible R&D claim prepared quickly and efficiently may allow your company to claim a valuable cash injection.”