May 4 2023 Basis period reform: what does it mean for your farming business? Categories: AgricultureTaxation From 6 April 2023, HMRC implemented reforms to the basis period method of assessment which will affect all sole traders, partnerships and LLPs that currently do not prepare their annual accounts to a year ending between 31 March and 5 April. The previous basis period rules Under the previous rules, all unincorporated businesses were assessed more
Apr 25 2023 Our agricultural event calendar for 2023! Categories: Agriculture As well as visiting clients on their farms to deal with their service requirements, our EQ Agriculture team have a packed calendar supporting various sector events over the course of the year. If you are going to any of the upcoming shows that we’re attending and/or exhibiting at, please come say hello to our EQ more
Apr 21 2023 Basis Period Reform – time to start planning Categories: LeisureTaxation The UK Government have confirmed that the basis period reform will go ahead as planned. This means that the profits and losses of sole traders and partnerships, of which many Furnished Holiday Let (FHL) businesses are operated, will be calculated based on the tax year itself, not the accounting period ending in the tax year more
Apr 11 2023 Helping Surface Heating Systems Ltd find the right solution for their business Categories: EQ NewsProperty & Construction A vendor-initiated management buyout (VIMBO) can be an effective way for business owners to release some value from their business and put a robust succession plan in place. We recently supported one of our clients, Surface Heating Systems Ltd (SHS), with a VIMBO. Founded in 1997 by directors Mick & Helen Cummings and Andrea Blyth, more
Apr 6 2023 National Living Wage changes from 1 April 2023 Categories: EQ AccountingPayroll From 1 April 2023, the National Living Wage (NLW) increased by almost 10% to £10.42 for all those aged 23 and over. The National Minimum Wage (NMW), which applies to workers above school leaving age but under 23, and the apprentice rate also increased. The NLW and NMW rates will increase as follows: *Applies to people aged more
Mar 22 2023 Associate dentists – are you self-employed or employed? Categories: Healthcare Previous HMRC guidance which automatically treated associate dentists as self-employed will be removed from 6 April 2023. After this date, associates will be assessed using the ordinary tests of employment to determine employment status. If you are classed as an employee by HMRC, you and your employer will be required to pay PAYE and Class more
Mar 22 2023 Changes to the Option to Tax notification process Categories: Property & ConstructionTaxation The Option to Tax (OTT) allows a business to charge VAT on the sale or rental of commercial property. This effectively turns an exempt supply, on which you cannot recover any VAT, into a taxable supply subject to the normal rules. The attraction of the OTT is that it allows you to recover VAT on more
Mar 16 2023 Spring Budget and furnished holiday lets Categories: Leisure On 15 March, Chancellor Jeremy Hunt delivered his Spring Budget 2023 which he coined as a “Budget for Growth”. However, the only announcement that directly impacted furnished holiday let (FHL) operators was to the pension changes. Profits made from FHLs are treated as ‘Earned Income’ for tax purposes meaning you are entitled to pay more more