tax planning tax consultant Archives - Ilyas Patel Accountants in Preston

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

Make Sure the Taxman Isn’t the Main Beneficiary of Your Will Crafting a tax-efficient will is paramount to ensuring that your wealth benefits your loved ones rather than being diminished by taxes. Dying without an effective will, or intestate, allows the law to decide who inherits your assets, often resulting in unnecessary inheritance tax (IHT)

How Much Information Should You Give HMRC? When dealing with HMRC, there’s a spectrum of opinion on how much information to disclose. While some taxpayers feel compelled to divulge extensive details, others remain tight-lipped. However, finding a balance is essential. (Read Time: Approx. 4 minutes) Topics Discussed: HMRC Requirements Filling in Self-Assessment Tax Return When

Tax-Efficient Profits Extraction Extracting profits from a company in a tax-efficient manner is a complex but important task for company owners. Factors such as business type, activities, size, and family shareholders, alongside available profits, play a significant role in determining the best approach. (Read Time: Approx. 4 minutes) Topics Discussed: Basics of Profit Extraction For

Tax Traps of Different Classes of Shares in Family Companies Creating new share classes in a family company can be a strategic way to split income among family members, but it comes with its own set of tax considerations. This week, we look at the key tax consequences, anti-avoidance provisions, and statutory requirements involved in