Latest News

Filtered By Category: Taxation

Oct 27 2021

Budget Update – “The Prosecco Promise”

Categories: Taxation

Chancellor, Rishi Sunak, was in upbeat mood as he delivered his Budget speech earlier this afternoon. Buoyed by optimistic OBR economic forecasts for the next 5 years, he reeled off a series of spending rounds on health, childcare, education, innovation and hospitality. At the time of writing, without press releases being available, what was most more

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

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