Sep 8 2021 Date confirmed for Autumn Budget 2021 Categories: EQ NewsTaxation Chancellor, Rishi Sunak, has announced that the next Budget will be on Wednesday 27 October, around a month earlier than had been anticipated. The announcement on the funding of social care yesterday was a clear signal of intent that the UK Government is looking at the funding of the pandemic. So what might be on more
Aug 20 2021 Updated guidance for holiday accommodation providers regarding the reduced VAT Categories: LeisureTaxation The temporary VAT reduction of 5%, introduced back in July 2020, comes to an end on 30 September 2021. To assist with the transition back to the standard rate of VAT, a new reduced rate of 12.5% will then be introduced for six months until 31 March 2022. The rate of VAT is usually based on more
Aug 6 2021 The benefits of reconstructing your business Categories: Corporate Finance The COVID pandemic has not only had a massive impact on the way businesses have traded, but on how they are structured. Our EQ Corporate Finance team have been working closely with clients to make sure they aren’t facing any unnecessary tax liabilities as a result. Over the last 18 months, we have been involved more
Jul 6 2021 Employer contribution changes to the CJRS Categories: COVID-19EQ AccountingPayroll The Coronavirus Job Retention Scheme (CJRS) was extended until 30 September 2021, with employers asked to contribute towards the cost of their furloughed employees’ wages from July onwards. As a reminder, we’ve highlighted the changes in the table below: *If the employee is furloughed for 100% of their working hours. The timetable will change if, for more
Jun 23 2021 Funeral directors – Getting the VAT right Categories: HealthcareTaxation Funeral directors make supplies which, for VAT purposes, are traditionally a combination of standard rated taxable supplies and exempt supplies. When a mixture of taxable and exempt supplies are made by a business, this gives rise to partial exemption calculations to determine how much VAT can be reclaimed on costs incurred in relation to the more
Jun 8 2021 Zero rate VAT update Categories: Property & ConstructionTaxation Following a recent tax case, HMRC have updated their guidance in relation to items which may be zero rated for VAT purposes when constructing a new residential property. Zero rate VAT applies to the construction services and the building materials incorporated into the new residential property by the persons supplying those construction services. The zero more
May 5 2021 Farmers should enjoy their favoured tax status, while it lasts Categories: AgricultureTaxation Many commentators were anticipating major changes to Inheritance Tax (IHT) and/or Capital Gains Tax (CGT) in the March budget to raise additional tax revenue to cover the cost of the COVID pandemic. Surprisingly, as it turned out, there were no changes to these taxes apart from the fact that the IHT nil rate band (the more
May 4 2021 How we’ve been supporting our clients, M-Line International Coaches Ltd Categories: Corporate FinanceCOVID-19Leisure Last year, despite the ongoing turmoil, we recruited a variety of new clients across Scotland as many businesses felt they weren’t getting the right level of support elsewhere. One of those clients was M-Line International Coaches Ltd, a family business with over 30 years of experience in coach holidays. Like all businesses involved with travel, more