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Tax Tips

Steven Todd

Steven Todd

Partner

“The domestic reverse charge VAT (DRC) legislation will change the way CIS registered construction businesses handle and pay VAT, with the customer (contractor) responsible for the VAT due to HMRC instead of the supplier (subcontractor).

Make sure your business is properly prepared in advance of 1 March 2021.”

Laura Horsburgh

Laura Horsburgh

Manager

“Leisure businesses continue to benefit from the lower VAT rate of 5% until 31 March 2021, with the possibility that this might be extended.

It is essential to take full advantage of this generous concession.”

Liz Goldie

Liz Goldie

Manager

“Did you ever consider that a dentist, an architect or a fish and chip shop could claim R&D tax credits?

Our R&D taxperts did, and have delivered several successful R&D tax claims to each. Speak to our team to see if we can help you save thousands of pounds of tax.”

Angela Haig

Angela Haig

Partner

“With the Budget set for 3 March 2021, now is a great time to speak with your accountant/tax advisor to ensure you review your circumstances and take any appropriate action particularly given that a tax raising Budget is expected.”

David Morrison

David Morrison

Head of EQ Taxation

“With 31 January looming for tax payments, remember to consider your 2020/21 tax payment on account (POA) and whether they might be able to be reduced, perhaps due to falling profits as a result of the pandemic.”

Sarah Millar

Sarah Millar

Senior 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 Grubb

Sandi Grubb

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

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.”

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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