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Tax Tips

Sandi Drummond

Sandi Drummond

Supervisor

“As a business owner, there are a number of tax-efficient benefits you can to offer to your employees.

Benefits are a useful tool for rewarding and incentivising key staff members, and the added bonus is that a number can be offered with no tax implications for the employer or employee. To find out more, please contact our EQ Employer Solutions Taxperts.”

 

 

John Langlands

John Langlands

Partner

“When you are developing property, it is important to discuss your intentions for that property with your tax advisor to maximise input VAT recovery.

You should also speak to your advisor if your intentions for that property change, as without proper planning this can result in input VAT recovery being blocked and previously recovered VAT being repaid to HMRC.”

Cheryl Whitton

Cheryl Whitton

Supervisor

“When renting out residential property, it’s important to retain a record of the original purchase date and cost, any expenses such as LBTT or SDLT and any legal fees.

Invoices covering any amounts you have spent enhancing the value of the property should also be kept, failure to do so could increase your capital gains tax liability in the event of a sale.”

David Morrison

David Morrison

Head of EQ Taxation

“Are you a limited company ?

Have you been seeking to innovate a product or process in the past two years?

If you answered ‘yes’ to both of these questions, you could be eligible for valuable R&D tax credits.”

Sarah Millar

Sarah Millar

Manager

“Tax is a significant cost for all businesses, whether it be PAYE, VAT, income tax or corporation tax, it requires management.

Up to date, accurate management accounts will allow for better management and forecasting of these amounts.”

Ross Oliphant

Ross Oliphant

Partner

With the new IR35 rules having been published, now is the time to consider your employment status.

There may be ramifications for many ‘one man band’ limited companies so planning may be required to secure your future status.

Angela Haig

Angela Haig

Partner

“Unfortunately tax enquiries can be random and inadvertently target businesses with no tax issues, potentially costing thousands in professional fees to defend.

Your accountant should be offering you fee protection insurance to mitigate this cost.”

Mark Wilken

Mark Wilken

Partner

“Have you taken ownership of your own pension scheme? Doing so can open up all sorts of possibilities to generate returns.

Pension contributions are highly tax efficient and remember there is no capital gains tax within pension schemes, a potentially valuable planning opportunity.”

Rachel Bell

Rachel Bell

Principal Manager

“Larger international groups of companies need to be aware of the relatively new corporate interest restriction rules.

Companies that may be affected must ensure they have assessed the impact of the changes and complied with reporting obligations to avoid unexpected tax liabilities and penalties.”

Robert Young

Robert Young

Principal Manager

“With income tax rates of up to 46%, using your Capital Gains Tax annual exemption of £11,700 as an “income replacement” can be great planning.

In conjunction with your investment advisors, determine whether tax free capital gains can be secured to supplement your income.”

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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