“Many businesses have concerns over customers settling their debts.
Remember that previously paid VAT on debts can be recovered in the event that a debt is likely to go bad, thereby boosting cash flow.”
“For those eligible for the Government’s Coronavirus Job Retention Scheme, the online portal is now live.
Make sure you have all the necessary details ready, including the amount you are claiming for before starting your claim. Get in touch if you require assistance with the calculation.”
“Making a Research & Development claim could help generate much needed cash flow for your business.
Claims should only take 3 – 5 hours of your time and can be done over the phone, which could result significant tax refunds. Speak to our R&D Taxperts who can assess your eligibility.”
“The new 2020/21 tax year starts today, bringing some personal and business tax changes.
With most people now working from home or in self isolation, there’s no better time to start preparing your tax information for 2019/20, understanding your overall income and tax position has never been more important”
“The Coronavirus Job Retention Scheme can provide a grant of 80% of furloughed workers’ wages up to £2,500. It is expected that employers borrow or self-fund to provide the wage packet before the grant can be claimed but will be backdated.
If you need short term cash flow support, your business may be eligible for a Coronavirus Business Interruption Loan and we can help you apply.”
“If you’re finding it difficult to pay your tax bill due to the affects of COVID-19, contact HMRC to ask for a Time to Pay arrangement.
You can call the dedicated ‘HMRC Coronavirus Helpline’ on 0800 024 1222.”
“With inheritance tax payable at 40% on amounts above the lifetime allowance of £325k, you should consider giving a gift out of income if you’re in a position where you earn more income every year than you spend to maintain your lifestyle.
To discuss the available options to help reduce your inheritance tax estate, speak to the Private Client Taxperts.”
“Remuneration planning is a regular consideration for most business owners, but should you always take dividends over salary?
Dividends are taxed at lower rates and they are not caught by the Scottish rate bands, however they may not always be the best option. Our EQ Taxperts can guide you toward the most tax efficient route.”
“If you haven’t used your ISA allowance for 2019/20, you could be missing out on tax free savings of up to £20,000.
You only have until 5 April 2020 before the allowance for the year is lost, so speak to our Private Client Taxperts about your tax efficient saving options.”
“If you are planning to purchase a property, and intend to provide the construction services to develop this property, it may be beneficial from a VAT planning perspective to separate the two operations.
For help with this, contact our VAT Taxperts.”
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Chartered Accountants
