tax season Archives - Ilyas Patel Accountants in Preston

Moving to Dubai for Tax? Dubai has become the go-to destination for entrepreneurs, influencers, and digital nomads alike. It’s all over the news, and chances are, you’ve heard at least one person in your circle talk about relocating. But is it the right move for you? Let’s break it down and see if Dubai aligns

The Magic of Disappearing Tax Tax planning is often seen as complex, but a few strategic adjustments can make an enormous difference to your bottom line. If you are drawing £125,000 from your limited company in the traditional way, you could be paying thousands more in tax than necessary. However, with some simple yet highly

Unique Tips to Reduce Your Self-Assessment Tax Bill Tax season often feels overwhelming, with taxpayers scrambling to complete their returns and dreading hefty bills. Beyond the usual strategies like pensions and ISAs, there are creative and lesser-known ways to reduce your tax liability. These strategies could save you money while ensuring compliance with HMRC regulations.

Consequences of Late Tax Returns & Late Tax Payments Tax season is here, and with it comes the pressure of meeting the Self-Assessment (SA) deadline. The stakes are high: missing the January 31st deadline can lead to significant penalties, interest charges, and long-term financial consequences. Are you ready to face the financial fallout of procrastination,

HMRCs Crackdown on Fast Food outlets by 31st January 2025 HMRC is cracking down on tax evasion involving online platforms like Deliveroo, Just Eat, Foodhub, and Uber Eats, targeting fast food businesses and individuals suspected of underreporting their sales turnover. With the first reports under new digital platform rules due by 31st January 2025, businesses

Consequences of Missing the Self-Assessment Deadline The New Year is here, and with it comes the perennial duty for self-employed individuals, freelancers, and high earners in the UK: submitting your self-assessment tax return. With the 31st of January deadline fast approaching, now is the time to avoid last-minute stress and financial penalties. (Read Time: Approx.

Protect Your Family Home from Tax Protecting your heirs from burdensome inheritance tax bills is a growing priority for many families. With rising property values and changes in tax regulations, gifting property has become an increasingly popular strategy. However, without proper planning, this approach can backfire. (Read Time: Approx. 4 minutes) Topics Discussed: Why Property

Frozen Tax Thresholds Put Landlords Under Inheritance Tax Pressure The inheritance tax freeze and rising property values are dragging over 600,000 landlords into the death tax net, creating a costly problem that could force the sale of rental properties and disrupt the housing market. Here’s how you can counteract these changes before they’re put in

Double Taxation Risks for Pensions with New Inheritance Rules The Chancellor’s Budget announcement that pensions will fall under inheritance tax (IHT) from April 2027 is poised to reshape financial planning for retirees. This significant change could see families paying a “double tax” on pensions, with rates potentially reaching as high as 90% in extreme cases.