Aug 29 2017 Inheritance tax relief of Furnished Holiday Lets receives another blow Categories: LeisureTaxation A recent tax case before the First Tier Tribunal has poured further doubt on the availability of inheritance tax relief on properties let as furnished holiday accommodation (FHLs). Business Property Relief (BPR) can provide 100% relief against inheritance tax where a business activity is deemed to be “wholly or mainly trading”. If a business activity more
Aug 17 2017 Criminal Finances Act 2017 Categories: Taxation The Criminal Finances Act 2017 will give law enforcement agencies and partners, further capabilities and powers to recover the proceeds of crime, tackle money laundering, tax evasion and corruption, and combat the financing of terrorism. From 30 September 2017, the Criminal Finances Act 2017 will – as well as a number of other new powers more
Aug 4 2017 Benefits of electric company cars Categories: TaxationTechnology Last week the UK government announced plans to ban the sale of new diesel and petrol cars and vans by 2040. This move will make electric vehicles more and more important in the coming years however is already of great benefit to many companies. Buying or leasing an electric vehicle as opposite to traditional petrol more
Jul 19 2017 HMRC to use PAYE information to make in-year adjustments Categories: EQ AccountingTaxation From July 2017, HMRC will start to use PAYE information to make in-year adjustments to taxpayers tax codes in real-time. This will avoid both under and overpayments from occurring by the end of the tax year. Taxpayers will be notified when the right tax is not paid and, through their Personal Tax Account, HMRC will more
Jul 14 2017 MTD Update Categories: EQ AccountingTaxation Following it’s removal from the Finance Bill earlier in the year, the treasury has issued guidance as to its revised plans for Making Tax Digital. Under the original plans, businesses and landlords with turnover in excess of £10,000 would have been required to submit mandatory quarterly reports. With those who are VAT registered commencing from more
Jun 15 2017 Annual Tax on Enveloped Dwellings Categories: LeisureTaxation Do you own your FHL property through a limited company or mixed member partnership? If so, and any one property is valued at more than £500,000 then you will have been required to complete and submit an ‘Annual Tax on Enveloped Dwellings’ (ATED) return by 30 April. Relief from the ATED charge, which starts at more
Jun 9 2017 £10 million tax savings secured for EQ clients Categories: Taxation Our specialist R&D team of six handle over 50 claims each year, and have achieved over £10 million of tax savings for clients throughout Scotland during the last six years, including those working within food and drink, manufacturing, engineering, software development and design sectors. The amount of claimants of R&D tax credits has rocketed in recent more
May 31 2017 VAT fuel scale charges Categories: EQ AccountingTaxation HMRC have issued details of the updated VAT fuel scale charges which apply from the beginning of the next prescribed VAT accounting period starting on or after 1 May 2017. VAT registered businesses use the fuel scale charges to account for VAT on private use of road fuel purchased by the business. You can find the more