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Filtered By Category: Taxation

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