audit Archives - Page 3 of 14 - Ilyas Patel Accountants in Preston

Are You Being Profiled by HMRC? HMRC has significantly ramped up its use of risk-based profiling, relying heavily on a powerful tool known as Connect. This sophisticated software analyses vast amounts of data, enabling HMRC to build detailed profiles of taxpayers, aiming to identify returns or behaviours that deviate from the expected norm. But what

Second Homes Tax Raid The government’s recent attempt to increase revenue through a tax hike on second homes might lead to unintended consequences, potentially costing the Treasury £ms. Instead of reaping the anticipated benefits, this move could encourage property owners to engage in tax avoidance strategies. (Read Time: Approx. 4 minutes) Topics Discussed: The Second

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