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Filtered By Category: Taxation

Apr 18 2024

Salaried Partners – Changes to HMRC guidance

Categories: EQ AccountingProfessionsTaxation

In November we reminded you about the tax treatment of salaried partners following the case of Bluecrest Capital Management (UK) LLP v HMRC. Following that case HMRC have updated their published guidance. As a recap, rules came into force back in 2014 deeming certain members of a Limited Liability Partnership (LLP) as employees if the more

Mar 27 2024

Future tax changes affecting GPs 

Categories: HealthcareTaxation

In the age of tighter margin, Scottish GP practices should make sure they are reviewing the partner current accounts regularly and project into the future to ensure they remain positive. This will be even more crucial with the basis period changes for tax as well as the normal retirement and changes in partners.   Going forward, more

Mar 27 2024

A short-term win for GP parents 

Categories: HealthcareTaxation

Where many GP’s income is above £60,000 and they therefore have not claimed child benefit or stopped payments, it may be time to re-start them.  The chancellor announced in his budget recently that the threshold will increase to £60,000 for any claw back and the tapering will increase to £80,000. This means that as long more

Feb 14 2024

Is your FHL business exceeding the VAT threshold?

Categories: LeisureTaxation

It is crucial to ensure that your business is VAT registered once it breaches the VAT threshold of £85,000. The threshold should be monitored on a rolling 12-month period, and many business operators do not realise this. The supply of FHL accommodation is a standard rated supply with VAT chargeable at 20%. This can have more

Dec 18 2023

New online service for VAT DIY Housebuilder claim

Categories: Property & ConstructionTaxation

HMRC have launched a new online service which allows DIY housebuilders the ability to recover VAT incurred on their build.  This should hopefully speed up the VAT reclaim process. Previously the claims had to be done manually and involved sending paperwork by post to HMRC. For some background information, the DIY Housebuilder scheme tries to more

Aug 16 2023

Maximising tax benefits for leisure sector businesses

Categories: LeisureTaxation

Running a business in the leisure sector is all about bringing joy and relaxation to your customers. However, when it comes to tax, it’s essential to ensure your financial wellbeing stays on ‘cloud nine’. Our EQ Leisure team provide some tips to help your business maximise any available tax benefits. Capital Allowances Remember that you more