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Apr 13 2022

Charities still have to pay their taxes

Categories: CharitiesTaxation

Paying tax is often a shock to smaller charities – after all, their profits all go back into funding the good work they do! Nonetheless, charities are taxed on trading income the same as any other organisation unless planning arrangements are put in place. Of course, deciding what income comes from trading is a complex more

Apr 12 2022

Would an Employee Ownership Trust benefit your children’s nursery?

Categories: HealthcareTaxation

An Employee Ownership Trust (EOT), when a business is partly or entirely owned by the workforce, can be used to help secure the future of a company. Despite becoming increasingly popular in recent years, there are very few children’s nurseries who have taken advantage of this share option scheme. The first childcare business in Scotland more

Apr 8 2022

Am I an employee but don’t know it?

Categories: Professions

In a previous article, we discussed the implications of getting your employment status wrong and how a few high-profile individuals have been questioned by HMRC. Since then, an updated IR35 legislation came into effect on 6 April 2021 and HMRC have now begun to flex their muscles to enforce those rules. We have recently seen television more

Apr 5 2022

How we are supporting our clients, Alan Johnstone Studios

Categories: EQ NewsProperty & Construction

There are many reasons why businesses may want to change accountants – your needs may have changed, or you require more specialist support. While there are many good accountants around, finding the right accountant for your business can make a huge difference to its growth and success. The team at Alan Johnstone Studios, an independently more

Apr 4 2022

VAT for hospitality businesses has reverted to the standard rate of 20%

Categories: LeisureTaxation

The VAT reduction, which was first introduced for businesses trading in the hospitality sector in June 2020, ended on Thursday 31 March with the VAT rate reverting to its original rate of 20%. The reduction in VAT was given to VAT-registered businesses from the hospitality, hotel, and holiday accommodation sectors to financially support them during more

Mar 24 2022

The Omicron Business Support Fund

Categories: COVID-19Leisure

Earlier this year, Scottish Tourism Minister, Ivan McKee, announced details of a financial package worth up to £9 million for Scotland’s vital tourism sector. The top-up payments were given to recipients of previous VisitScotland funding and were designed to recognise the loss of revenue specifically between 8 December 2021 and 21 January 2022 in the following areas: coach operators more

Mar 21 2022

Coronavirus Job Retention Scheme Enquiry

Categories: COVID-19Property & Construction

The Coronavirus Job Retention Scheme (CJRS), launched in April 2020, was developed to offer support to employees who would otherwise have been laid off during the COVID-19 pandemic. However, the guidance was initially unclear and has led to widespread errors in claims, resulting in a surge of HMRC enquiries into CJRS claims. We recently supported more

Mar 16 2022

The benefit of Gift Aid to the taxpayer

Categories: CharitiesTaxation

Much is made of the benefit of Gift Aid donations to charities, but many taxpayers are missing out on the benefits to them from making these donations. For example, for every 80p donated to charity under the Gift Aid scheme, the Government give 20p tax to the charity – the equivalent of basic rate tax more