“Many businesses will experience early losses as their businesses revert to full capacity.
The tax efficient use of losses may be key to a positive cash flow.”
“Businesses have been in receipt of grant and furlough assistance from the government during this pandemic, but it should be borne in mind that this income is taxable on the business.”
“The current Coronavirus has reduced potential asset and share values, which may assist in any succession or gifting strategy you may have been considering.
To discuss your succession options, speak to our Private Client Taxperts.”
“From 6 April 2020, Capital Gains Tax (CGT) must be reported and paid to HMRC within 30 days of completion of the disposal of a property.
In order to gather the necessary information so that the disposal can be reported in the escalated timescale, speak to our Property Taxperts before selling and they will help guide you through the process.”
“P11D forms need to be completed by businesses on or before 6th July 2020 and these should record any benefits received from an employer such as private medical or company car and fuel benefits.”
“Having the right structure for your business is always a key factor in ensuring success, but given current circumstances this should be of higher importance. The structure of your business can specifically help to ensure that high value assets are fully protected from risk.
If you would like to discuss your business structure and options for restructuring, our EQ Taxperts can provide you with the information you need.”
“R&D can apply to all innovative companies that have undertaken problem solving activities to adapt or create new processes or products, regardless of sector.
With R&D claims finalised in around 3 weeks, and tax repayments typically as little as 4 weeks beyond that, now is a great time to submit a claim to increase your cashflow.”
“Many businesses have concerns over customers settling their debts.
Remember that previously paid VAT on debts over 6 months old can be recovered in the event that a debt is likely to go bad, thereby boosting cash flow.”
“Whether you are a company or not, a review of your business year end is a great way to take stock of how you’re doing.
Assessing whether you have the right year end could yield some interesting cash flow savings for your business.”
“Your 31 July 2020 tax payments can be deferred under Coronavirus guidelines, but you should check whether you have over paid your taxes.
If so, get your tax return in early as you may be able to get a tax refund if you’ve paid too much.”
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Chartered Accountants
