Apr 18 2024 Salaried Partners – Changes to HMRC guidance Categories: EQ AccountingTaxation In November we reminded you about the tax treatment of salaried partners following the case of Bluecrest Capital Management (UK) LLP v HMRC. Following that case HMRC have updated their published guidance. As a recap, rules came into force back in 2014 deeming certain members of a Limited Liability Partnership (LLP) as employees if the more
Apr 16 2024 Celebrating Growth and Success: EQ Accountants Announces 2024 Promotions Categories: EQ NewsPeople At EQ Accountants, we hold a firm belief that our people are our greatest asset. It’s through their dedication, expertise, and commitment that we continue to thrive and deliver exceptional services to our valued clients and colleagues. As we embark on a new year filled with promise and opportunities, we take a moment to express more
Apr 10 2024 EQ & Douglas Home & Co. Merger Categories: EQ News After joining Sumer at the end of 2023 and announcing our objectives to treble turnover over the next five years, we’re pleased to announce as part of the first phase of our strategic expansion, the merger of EQ with Douglas Home & Co. “From our first conversations, it was immediately evident our working styles more
Mar 27 2024 Introducing RCI: How Trustees of Unincorporated Charities or Trusts in Scotland Navigate the New Legal Landscape Categories: Charities As of April 1st, 2024, Scotland is set to embark on a new journey with the implementation of the Registers of Persons with a Controlled Interest in Land (RCI). This landmark legislation aims to promote transparency and accountability in land ownership, marking a significant step forward in the realm of property law. For Trustees of more
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 National Living Wage changes from 1 April 2024 Categories: Payroll The National Living Wage (NLW) and the National Minimum Wage (NMW) are increasing from 1 April 2024. This is the largest ever monetary increase in the minimum wage in the 25 years since the introduction of the NMW, increasing by more than £1. In addition, workers aged 21 and over will also now be entitled 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