Oct 20 2021 Possible changes for associate dentists Categories: HealthcareTaxation Many dentists in general practice work as associates, who pay a licence fee to a practice for use of the premises, equipment, materials and staff under an agreed contract with a practice. The British Dental Association (BDA) have a standard contract for this relationship and HMRC use this to operate a concession that automatically classifies them more
Sep 30 2021 Supporting ICS2 to move to employee ownership Categories: Taxation Our clients, Dundee-based cable manufacturing firm, ICS2 Cables has handed ownership of the business to its employees through an Employee Ownership Trust (EOT), with the whole process being completed in just six months. Established in 2002, ICS2 Cables was originally based in Glenrothes before moving to larger premises in Dundee. Before its fifth anniversary the more
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
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
Mar 22 2021 Our Budget 2021 taxation roundup Categories: Taxation As mentioned in our previous article, the UK Budget contained a mixture of taxation and non-taxation announcements. To help provide guidance on the taxation announcements made during the Budget, our highly qualified, knowledgeable EQ Taxperts have provided a series of detailed articles that breakdown the Budget announcements to help you effectively plan for the future. We have consolidated the latest more