“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 5 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.”
“We expect the tax burden will likely increase following the next Budget so business owners may wish to manage this potentially increasing cost by taking action earlier.”
“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.”
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Chartered Accountants
