Tax Rules Archives - Page 2 of 14 - Ilyas Patel Accountants in Preston

Leveraging Holding Companies for Tax Efficiency The recent increase in Capital Gains Tax (CGT) rates has spurred interest among clients seeking alternative strategies. A noteworthy option gaining traction involves introducing holding companies. If executed with a strong commercial rationale, this approach can minimise immediate tax liabilities while offering long-term financial and tax efficiency. Let’s delve

Ways to Avoid Inheritance Tax There are some specific strategies to help protect your family’s assets, building on last week’s general tax planning advice. Here are some essential actions you can take to mitigate your inheritance tax burden under the new rules following the 2024 Budget. (Read Time: Approx. 4 minutes) Topics Discussed: Changes Following

VAT Registration Threshold 2024 The latest UK budget introduces significant shifts for employers, taxpayers, and investors, with changes in National Insurance, inheritance tax reliefs, and new taxes for non-domiciled residents – tax planning following this budget is essential. These adjustments, set to start from April 2025, will affect both small businesses and individual taxpayers, presenting

Smarter Tax Planning After the Budget The latest UK budget introduces significant shifts for employers, taxpayers, and investors, with changes in National Insurance, inheritance tax reliefs, and new taxes for non-domiciled residents – tax planning following this budget is essential. These adjustments, set to start from April 2025, will affect both small businesses and individual

Tax Planning for Private School Fees With private school fees on the rise and the anticipated removal of VAT-exempt status in 2025, families across the UK are looking for ways to manage these increasing costs. While there’s no direct tax relief for private education, there are several strategies that can reduce the financial burden, including

Urgent Changes to HMRC’s PAYE Employment Expense Claims Process The landscape of tax relief claims is changing rapidly, with HMRC implementing new requirements for PAYE employment expense claims to tackle ineligible submissions. This blog provides a clear overview of these updates, outlining what you need to know to stay compliant with the evolving rules. (Read

How to Start a Limited Company Setting up a limited company is an exciting venture, but the process can seem daunting. From registering the business to deciding on shareholders and directors, every decision matters. This guide outlines the three main methods for setting up a company and provides insights into common pitfalls to avoid. (Read

Pre-Trading Expenses for a new Self-Employed business One of the often-misunderstood aspects for the self-employed is pre-trading expenses — costs incurred before a business officially begins trading. These costs, if handled correctly, can offer significant tax relief, but getting it wrong could mean missed opportunities for deductions. (Read Time: Approx. 3 minutes) Topics Discussed: Understanding