Ilyas Patel Accountants in Preston
End of Tax Year 2023 (2022/23) Planning Tips
By: ilyas Patel
February 23, 2023
End of Tax Year 2023 (2022/23) Planning Tips With 2022/23 tax year almost over, it’s time to review the best tax-saving strategies. This comprehensive guide will help you make the most of the end of tax year 2023, and to keep these strategies in mind to enter 2023/24. (12-minute read) We will cover: Tax-efficient tips
How to appeal a tax penalty
By: ilyas Patel
February 23, 2023
How to appeal a tax penalty This text guides on how to appeal a tax penalty in the UK, and includes specific information on different types of tax penalties. (3-minute read) We will cover: The step-by-step process of appealing a late tax penalty Different methods of appeal for different taxes The general process What are
Wholly and exclusively: Are accommodation costs tax-deductible?
By: ilyas Patel
February 23, 2023
Wholly and exclusively: Are accommodation costs tax-deductible? Travelling on business can be tax-deductible, including accommodation costs. By being aware of the rules, you can make the most out of your business expenses. Find out how the ‘wholly and exclusively’ rule applies to accommodation costs! (4-minute read) We will cover: All about the ‘wholly and exclusively’
Paying Tax On Dividends VS Bonuses
By: ilyas Patel
February 23, 2023
Paying Tax On Dividends VS Bonuses If you’re a company director, you may think the most tax-efficient way to take money out of your company is through dividends. But as of 2022-23, and moving forward to the 2023-24 tax year, bonuses could be more tax-efficient. Why? (3-minute read) We will cover: Legislation around paying tax
HMRC Nudge Letters: What They Are and What You Can Do
By: ilyas Patel
February 23, 2023
HMRC Nudge Letters: What They Are and What You Can Do HMRC is collecting more data from you and sending out nudge letters: find out what they are and what you can do on today’s tax tip. (3-minute read) We will cover: Information that can be accessed by HMRC Precautionary steps to avoid tax errors
Claiming Back Stamp Duty On A Second Home
By: ilyas Patel
February 23, 2023
Claiming Back Stamp Duty On A Second Home Our article outlines a way of claiming back stamp duty on a second home or buy-to-let. (3-minute read) We will cover: How stamp duty is calculated Reclaiming SDLT if you’ve bought a second home or buy-to-let How stamp duty is calculated Stamp duty, also known as SDLT
How to reduce your VAT bill
By: ilyas Patel
February 23, 2023
How to reduce your VAT bill Everyone wants their business to be as tax efficient as possible. You want to make sure your VAT bill is accurate, and you are not paying more than you have to. Here are 8 easy ways to reduce your VAT bill. (4-minute read) We will cover: The role of
Tax Free Employee Benefits
By: ilyas Patel
February 23, 2023
Tax Free Employee Benefits Looking for a way to motivate employees? Have a look through these tax-free benefits you can offer your staff as a way of rewarding them for their hard work. (2-minute read) We will cover: Tax free ways to reward employees Tax free benefits for employees There are a number of tax exempt
How To Minimise Inheritance Tax
By: ilyas Patel
February 23, 2023
How To Minimise Inheritance Tax Worried about paying too much inheritance tax? We can help – read today’s tax tip to find out how to minimise your inheritance tax bill. (4-minute read) We will cover: A few ways to lower inheritance tax Why you should seek expert advice An unwelcome tax Inheritance Tax (IHT) is
Plant and Machinery: Definition
By: ilyas Patel
February 23, 2023
Plant and Machinery: Definition What’s the definition of ‘plant and machinery’? Find out on today’s tax tip. (3-minute read) We will cover: Some examples of plant and machinery items How they relate to claiming business expenses Plant and machinery definition Plant and machinery is a broad term that refers to the items you can claim