Aug 20 2020 Employee Ownership Explained Categories: Taxation Since its introduction in 2014, the Employee Ownership Trust (EOT) has proved to be a feasible exit option for business owners who may not want to go down the more traditional succession routes. To help understand the process and benefits of using EOTs as a succession solution, Co-operative Development Scotland are hosting a series of more
Aug 20 2020 R&D claim secured for new healthcare client Categories: HealthcareTaxation We recently assisted a new healthcare client with their first R&D claim after they contacted our EQ Taxperts to discuss whether they were eligible. The business was set up as a company, so as it was subject to UK corporation tax it could therefore make a claim if it met other criteria to qualify for more
Aug 10 2020 What you need to know about the Job Retention Bonus Categories: COVID-19EQ Accounting Announced by the Chancellor in the summer statement, the Job Retention Bonus aims to reward employers who successfully bring back furloughed employees and keep them in meaningful employment after the Coronavirus Job Retention Scheme (CJRS) ends on 31 October 2020. Employers will be able to claim a one-off payment of £1,000 for every eligible furloughed more
Aug 5 2020 Bigger and Better Categories: Corporate FinanceCOVID-19 If the coronavirus pandemic has taught us anything, it is that we should accept that change is the only constant in business life. Many businesses will be battered and bruised as they limp out of their economic slumbers but the question for all will be “what next?”. After discussions with many of our entrepreneurial clients, more
Aug 3 2020 Financing for the future Categories: Corporate FinanceCOVID-19 The Coronavirus Business Interruption Loan Scheme (CBILS) and the Bounce Back Loan Scheme (BBL) were introduced by the Government to support businesses through the COVID-19 crisis. The low rates of borrowing on the schemes and ease of access to the funding has resulted in large numbers of businesses accessing the money for a variety of reasons. more
Jul 31 2020 Cash is King – steps to take to preserve your cashflow Categories: Corporate FinanceCOVID-19 As we come out of lockdown, businesses may need more working capital available to get back up and running. Coupled with holiday periods for loan and rental payments coming to an end, the pressure on cashflow will be huge. Businesses need to take control to preserve their cash and should consider the following: Debtor Control more
Jul 29 2020 Overview of upcoming changes to CJRS Categories: COVID-19EQ AccountingPayroll As we mentioned in our previous article, CJRS closed to new entrants on 30 June and flexible furlough was introduced in July. Now, further changes are about to come into force as the Government begin to taper away their contributions from August onwards. Our dedicated payroll team have been advising our clients on what the more
Jul 10 2020 Scottish Government’s plans to boost the Scottish Economy Categories: COVID-19Taxation In response to the Economic Statement delivered by the Chancellor on Wednesday 8 July, Finance Secretary, Kate Forbes, announced the Scottish Government’s plans to boost the Scottish Economy. To support homebuyers and help stimulate housing market activity and the economy, the threshold at which Land and Buildings Transaction Tax (LBTT) is paid will be raised from more