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Tax Tips

Rachel Bell

Rachel Bell

Partner

“Company contributions to personal pension schemes are an often overlooked profit extraction method and can also be a tax efficient way to remunerate employees.

EQ can assist in reviewing your profit extraction and remuneration policies to ensure these are appropriate for your business.”

Graeme Davidson

Graeme Davidson

Partner

“Successful businesses focus on improving the things they can influence.

As we approach the end of another tax year on 5 April, now is the time to speak to your advisor about pre year end tax planning strategies, to ensure that you are making the most of the tax reliefs and allowances that are available to you.”

Gavin Nurse

Gavin Nurse

Senior Manager

“More and more people are considering fully electric or hybrid company cars as they can provide a number of tax benefits for both individuals and business users.

If you would like to discuss your options for making the best use of available tax reliefs with electric or hybrid vehicles, our EQ Taxperts can provide you with the information you need.”

Michelle Murray

Michelle Murray

Senior Manager

“If you are thinking of selling all, or part of your business – have you considered the options and is your capital gains tax clear on the gain anticipated?

Our advice is that you must plan any sale in advance where possible.”

EQ Taxation

EQ Taxation

“Receiving a tax repayment from HMRC is a great experience, however, it could be a sign that you should never have paid the tax in the first place.

Though receiving a tax rebate is great, it can mean that you are not in the correct tax band.  EQ can assess your tax position to ensure you pay the correct amount of tax due.”

Laura Horsburgh

Laura Horsburgh

Manager

“The deadline of 31 January 2020 for submitting your Self Assessment tax return is fast approaching.

Filing late can result in an automatic £100 fine, so don’t delay in submitting your tax return. If you are worried about meeting your deadline, get in touch with your accountant today.”

Dougie Rae

Dougie Rae

Partner

“A UK-domiciled individual is taxable on their worldwide income and gains for any year in which they are a UK resident.

Make sure you know your residence position before filing your self-assessment ahead of the 31st January 2020 deadline.

Speak to your accountant for help with your international tax position.”

Angela Haig

Angela Haig

Partner

“With Christmas fast approaching, now would be a good time to think about using the IHT Gift Annual Exemption of £3,000.

You can also give small gifts of up to £250 per person, provided you have not used another exemption on that person. Remember – there is no limit on the number of small gifts that you can make.”

Mark Smeaton

Mark Smeaton

Partner

“Are you are considering giving Christmas gifts to employees this year?

Providing the cost is no more than £50 per employee, and the gift is not cash or a voucher that can be exchanged for cash, then you will not have to pay tax on that benefit.  Why not show your appreciation by gifting a bottle of wine, flowers or maybe even a turkey this festive season.”

Liz Goldie

Liz Goldie

Manager

“Shareholders should be aware of the adverse tax implications of gifting shares to their employees. Instead, avoid unwanted tax charges by offering employees EMI share options.

EMI options are a tax-efficient means of giving employees shares in their employer company, and have minimal set-up costs. To find out more, please contact our Employer Solutions Team.”

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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