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Tax Tips

Mark Wilken

Mark Wilken

Partner

“Many people have both their own business and an employment. In these situations it is not uncommon for the tax payer to overpay on their National Insurance (NI).

Contact your tax adviser to determine whether you might reclaim some NI from HMRC.”

Sandi Grubb

Sandi Grubb

Manager

“VAT registration is only compulsory when your taxable turnover hits £85,000. However, in some cases, it may be beneficial for your business to register voluntarily before you hit the threshold.

Voluntary VAT registration allows you to reclaim VAT from the last 4 years on goods (provided you still have them), and 6 months for services, provided you have kept VAT invoices. In addition, being VAT registered can boost your business profile.”

David Morrison

David Morrison

Head of EQ Taxation

“Many successful businesses use surplus profits to invest in property, the stock market or other investments of their choice. That mix of trade and investment can inadvertently be a tax problem but not one which cannot be solved.

Our tip is to review your set up to ensure you and your business does not fall into this trap.”

Robert Young

Robert Young

Partner

“What’s the tipping point for incorporating a property portfolio?

The perceived tax saving when comparing Corporation Tax to higher rate Income Tax, and the flexibility of shareholdings for companies may be offset by the costs of incorporation such as professional fees, refinancing costs, Land & Buildings Transactions Tax (LBTT) and Capital Gains Tax (CGT). The trick is to match the savings against the costs to determine if it’s worth it.”

Dougie Rae

Dougie Rae

Partner

“Employee Ownership continues to gather momentum. This can be an excellent way in which a business can be transferred to a valuable workforce, tax efficiently for the seller, who can also remain as an employee and director, though they must give up control.

This is an option to consider carefully and our Taxperts can help you decide if it’s the right route for you.”

Graeme Davidson

Graeme Davidson

Partner

“Often the solution to large Inheritance Tax issues on death can be based on financial services products.

Though you must take your own investment advice, items such as pensions, EIS investments and AIM portfolios can provide massive potential savings in a relatively short space of time.”

David Morrison

David Morrison

Head of EQ Taxation

“Despite there being no major announcements in relation to either Capital Gains Tax or Inheritance Tax in the Autumn Budget, business owners and high net worth individuals should be aware that there is still an expectation that some adverse changes will be implemented in future, meaning early planning is essential.”

Laura Horsburgh

Laura Horsburgh

Manager

“Many businesses have a mix of fully taxable and exempt supplies for VAT purposes. Often this is as a result of a lack of thought in the business set up. If your business has that mix, is it set up correctly?

Our EQ Taxperts can advise you to make sure your business has the correct set up.”

Jordan Forbes

Jordan Forbes

Senior

“In line with current trends, many business owners are coming round to the tax advantages of electric vehicles.

When you are next changing your company car or van fleet, it’s well worth checking the tax advantages of such an acquisition.”

Rachel Bell

Rachel Bell

Partner

“Many companies don’t think they qualify for Research and Development (R&D) tax reliefs but if you are seeking an advancement in a process or product, you might be able to make a claim that could result in a tax saving.

Get in touch with our R&D Taxperts to discuss your eligibility to make a claim.”

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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