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Tax Tips

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

Senior 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.”

EQ Taxation

EQ Taxation

“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.”

Cheryl Whitton

Cheryl Whitton

Supervisor

“For property owners, the positioning and structure of debt has never been more important.

With various tax and asset protection issues needing to be considered, speak to our Property Taxperts for reliable advice.”

Rachel Bell

Rachel Bell

Partner

“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.”

Gavin Nurse

Gavin Nurse

Senior Manager

“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.”

David Morrison

David Morrison

Head of EQ Taxation

“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.”

Dougie Rae

Dougie Rae

Partner

“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.”

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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