Mar 27 2024 Future tax changes affecting GPs Categories: HealthcareTaxation In the age of tighter margin, Scottish GP practices should make sure they are reviewing the partner current accounts regularly and project into the future to ensure they remain positive. This will be even more crucial with the basis period changes for tax as well as the normal retirement and changes in partners. Going forward, more
Mar 27 2024 A short-term win for GP parents Categories: HealthcareTaxation Where many GP’s income is above £60,000 and they therefore have not claimed child benefit or stopped payments, it may be time to re-start them. The chancellor announced in his budget recently that the threshold will increase to £60,000 for any claw back and the tapering will increase to £80,000. This means that as long more
Mar 20 2024 Final opportunity – Urgent planning deadline for the transition to the ‘tax year basis’ Categories: Taxation Speed read Any individual who is a sole trader or partner in a trading or professional partnership will be taxed under the new ‘tax year basis’, which means that profits will be assessed in the tax year when they arise. The year 2023-24 is a ‘transitional year’, in which we switch over from the current more
Feb 16 2024 Construction Industry Scheme (CIS) changes from 6 April 2024 Categories: Property & ConstructionTaxation The CIS requires many businesses carrying out construction work to deduct tax (at either 20% or 30%) before paying subcontractors unless the supplier has gross payment status (GPS), which HMRC will grant to subcontractors who show a good record of tax compliance. From 6 April 2024, VAT obligations are added to the statutory compliance test more
Feb 14 2024 Is your FHL business exceeding the VAT threshold? Categories: LeisureTaxation It is crucial to ensure that your business is VAT registered once it breaches the VAT threshold of £85,000. The threshold should be monitored on a rolling 12-month period, and many business operators do not realise this. The supply of FHL accommodation is a standard rated supply with VAT chargeable at 20%. This can have more
Dec 18 2023 New online service for VAT DIY Housebuilder claim Categories: Property & ConstructionTaxation HMRC have launched a new online service which allows DIY housebuilders the ability to recover VAT incurred on their build. This should hopefully speed up the VAT reclaim process. Previously the claims had to be done manually and involved sending paperwork by post to HMRC. For some background information, the DIY Housebuilder scheme tries to more
Aug 16 2023 Maximising tax benefits for leisure sector businesses Categories: LeisureTaxation Running a business in the leisure sector is all about bringing joy and relaxation to your customers. However, when it comes to tax, it’s essential to ensure your financial wellbeing stays on ‘cloud nine’. Our EQ Leisure team provide some tips to help your business maximise any available tax benefits. Capital Allowances Remember that you more
Jun 13 2023 Supporting our clients, Crosbie Matthew, to invest in their business Categories: Property & ConstructionTaxation Our Glenrothes team have been working with Crosbie Matthew Funeral Directors Ltd, one of Fife’s longest established family firms, for nearly 15 years. We work closely with the team, acting as a sounding board and providing our advice on many matters above standard compliance and recently helped them in the planning process of their recent more