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Filtered By Category: Taxation

Mar 5 2020

Working together to support technology start ups

Categories: TaxationTechnology

The owner of an American company wanted to set up a new UK subsidiary, in partnership with a Scottish University, and approached EQ to discuss how best to structure. After early discussions, it became clear that funding was an issue that needed to be addressed. The possibility of setting the company up to secure EIS more

Jan 22 2020

Research & Development tax credits in the Agricultural Industry

Categories: AgricultureTaxation

Historically the majority of agricultural businesses operated as partnerships, however with many now trading as limited companies, they have potential to claim for Research & Development (R&D) tax credits. These tax credits are an established government-backed initiative, designed to encourage innovation and progression and in order to be eligible to make claim, you must be operating as more

Dec 3 2019

Can VAT help to boost your profits?

Categories: LeisureTaxation

The VAT Flat Rate Scheme allows some smaller businesses to benefit from paying a lower rate of VAT to HMRC. The scheme is often used by contractor type businesses, but is less widely used in the leisure sector. Instead of declaring the standard 20% on sales, you pay a lower percentage to HMRC that varies more

Nov 22 2019

The rise of contactless payments

Categories: Food & DrinkTaxation

Contactless payments are becoming increasingly popular, especially in the food and drink industry, where it is estimated that half of all debit card transactions are contactless. In the UK, contactless payments on debit and credit cards have a maximum limit of £30 however mobile payment methods, such as Apple Pay and Google Pay, are better more

Nov 20 2019

Capital allowances on commercial properties

Categories: Property & ConstructionTaxation

Within commercial properties there are a number of items that might qualify for favourable tax relief. In relation to property construction, capital allowances may be available to a taxpayer on certain capital expenditure, regardless of age, specification or interest held. Capital allowances reduce the amount of tax paid by either an Income or a Corporation Tax more

Oct 29 2019

Electric Vehicles – a tax efficient employee benefit

Categories: TaxationTechnology

Following on from our previous article which considered the tax implications of purchasing a car for use in your business, we now discuss why it is the optimum time to purchase an Electric Vehicle (EV). According to Auto Express, some of the best EV’s to buy in 2019 include brands such as Tesla, Jaguar, Mercedes more

Oct 16 2019

Helping our clients, James Penman Plant Hire, benefit from the increased AIA limit

Categories: Engineering & ManufacturingTaxation

As mentioned in our previous article, the Annual Investment Allowance (AIA) limit has been increased from £200,000 to £1million and is valid until 31 December 2020, however many businesses aren’t planning on taking advantage of this higher limit, partly, due to a lack of understanding and awareness. The AIA increase provides a great opportunity for businesses to more

Sep 17 2019

Advisory fuel rates for company cars

Categories: Taxation

HMRC have published new company car advisory fuel rates, which take effect from 1 September 2019. The previous rates can also continue to be used for up to one month from the date the new rates apply. The rates only apply when you either: reimburse employees for business travel in their company cars or require more