Uncategorized Archives - Page 4 of 13 - Ilyas Patel Accountants in Preston

Don’t Put Your House into The Names of Your Children Transferring your home to your children might seem like a smart move to avoid inheritance tax or simplify estate planning. However, this decision often leads to significant tax implications and other financial pitfalls that can outweigh the perceived benefits. (Read Time: Approx. 4 minutes) Topics

The Impact of Pension Tax Changes on the Middle Class The Chancellor is considering a significant shift in pension tax relief, affecting millions of middle-class workers. This reform aims to implement a flat 30% rate, impacting higher and additional rate taxpayers. Here’s what this could mean for your pension savings and the broader economic landscape.

Understanding High Income Child Benefit Changes Updates to the High-Income Child Benefit Charge (HICBC) for the tax year 2024/25 introduce significant adjustments that will impact many families. The key change involves raising the threshold at which the charge begins, from £50,000 to £60,000. This article explores the implications of these changes, the differences in impact

Restricting Mortgage Interest Relief for Landlords In April 2020, changes were introduced that limit the tax relief landlords can claim on finance costs for residential properties, such as Mortgage Interest Relief. These changes, which restrict mortgage interest relief to the basic rate of Income Tax, have far-reaching implications for landlords to this day. Understanding the

Significance of HMRC Schedule 36 Information Notices HMRC Schedule 36 Information Notices are tools employed by HMRC to obtain information and documents required for tax assessments. Understanding these notices, their implications, and restrictions is essential for taxpayers to ensure compliance and avoid potential penalties. (Read Time: Approx. 7 minutes) Topics Discussed: The Essence of Schedule

HMRC Scams on the Rise: How to Spot and Avoid Them In the digital age, scams have become increasingly sophisticated, and HMRC scams are no exception. Imagine receiving a call, seemingly from HMRC, threatening you with legal action over unpaid taxes. This is what happened to Sanela Lukanovic, who almost lost £3,400. (Read Time: Approx.

9 Out of 10 Commercial Property Owners Due Sizeable Tax Claims A significant tax relief opportunity awaits commercial property owners, promising to lower future tax liabilities or even generate tax refunds for the past two years. Surprisingly, over £1 billion worth of capital allowance claims remain unclaimed. Identifying these qualifying assets within a commercial property

Superb Strategies to Earn £26,000 a Year Tax-Free The UK tax system is notoriously complicated but understanding specific loopholes can save you a significant amount of money. Here are some strategies to consider before potential changes by the government might close these tax-saving avenues. (Read Time: Approx. 6 minutes) Topics Discussed: Maximising Tax-Free Allowances By

Cars and Vans – What’s the difference & What’s the VAT implications? VAT implications on business vehicles can be complex. This guide breaks down the key points about reclaiming VAT on cars and vans, ensuring your business remains compliant and benefits from potential tax savings. (Read Time: Approx. 3 minutes) Topics Discussed: VAT and Cars

Tax Efficient – Family Members Family members, particularly your spouse or children, can provide tax advantages if done correctly. However, it is essential to understand and comply with HMRC guidelines to avoid any potential challenges. (Read Time: Approx. 5 minutes) Topics Discussed: Guidelines and Compliance for Employing Family Members You can employ your spouse, civil