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Tax Tips

Laura Horsburgh

Laura Horsburgh

Manager

“Many businesses have a mix of fully taxable and exempt supplies for VAT purposes. Often this is as a result of a lack of thought in the business set up. If your business has that mix, is it set up correctly?

Our EQ Taxperts can advise you to make sure your business has the correct set up.”

Jordan Forbes

Jordan Forbes

Semi Senior

“In line with current trends, many business owners are coming round to the tax advantages of electric vehicles.

When you are next changing your company car or van fleet, it’s well worth checking the tax advantages of such an acquisition.”

Rachel Bell

Rachel Bell

Partner

“Many companies don’t think they qualify for Research and Development (R&D) tax reliefs but if you are seeking an advancement in a process or product, you might be able to make a claim that could result in a tax saving.

Get in touch with our R&D Taxperts to discuss your eligibility to make a claim.”

Lynne Vaughan

Lynne Vaughan

Senior Manager

“The final Coronavirus Job Retention Scheme (CJRS) claim must be submitted by 14 October 2021 and you have until 11:59pm on 28 October 2021 to make any amendments.

Failure to manage an error appropriately could be deemed as a ‘deliberate and concealed’ activity, resulting in a penalty of up to 100% of the amount you have to repay and having your details published along with other deliberate tax defaulters.”

Scott Greig

Scott Greig

Partner

“With the temporary VAT reduction of 5% coming to an end on 30 September 2021, and replaced with a transitional rate of 12.5% until 31 March 2022, it is important that your booking and till systems are set up correctly.

You need to also be mindful of the additional accounting challenges if you receive payments or issue invoices that straddle the change in VAT rates.”

David Morrison

David Morrison

Head of EQ Taxation

“Despite the obvious risks, it never ceases to amaze us the number of landlords who have failed to declare rental income on their tax returns.

Take the weight off your shoulders and let us help you remove all the worries, you’d be surprised how much better you’ll feel.”

John Langlands

John Langlands

Partner

“If your business is selected for a VAT inspection, remember to follow these simple tips: communicate to control the time and place, put your cards on the table, act promptly to HMRC requests and learn from the experience to avoid a follow up.

Our VAT Taxperts are on hand to offer you advice, and can help you prepare your business before an inspection occurs.”

Laura Horsburgh

Laura Horsburgh

Manager

“It is important that employers know the correct advisory fuel rates to correctly reimburse company car drivers for their business travel.

Paying above the rates published by HMRC may lead to additional tax liabilities for both the employer and employee.”

Dougie Rae

Dougie Rae

Partner

“Business owners who are looking for a tax effective way to exit their business should consider look at an Employee Ownership Trust (EOT).

EOTs offer some attractive benefits for the original shareholders and the employees and our Taxperts can help you understand those benefits and the process when using an EOT as a succession solution.”

Rachel Bell

Rachel Bell

Partner

“The current differentials between income tax and corporation tax rates, together with other benefits of trading through a limited company, can still make a corporate structure highly attractive.

Is your current trading structure fit for purpose?”

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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