ilyas Patel, Author at Ilyas Patel Accountants in Preston

Everything You Need to Know About Inheritance Tax Managing Inheritance Tax (IHT) can be challenging. With the right strategies, however, it’s possible to significantly mitigate the impact of this tax on your estate before and after you pass. This guide offers detailed insights and practical advice on how to reduce your IHT liability, ensuring your

Tax Advantages of Charity Registration With over 165,000 registered charities, it prompts a significant question for any prospective charity: Is the pursuit of registered status the right path for us? This decision involves considering your company’s values, as well as your ability to understand and apply strict regulations. (Read Time: Approx. 4 minutes) Topics Discussed:

The Family Business Advantage in Tax Planning and Employment Employing family members within a private business is a strategy embraced by many for its substantial tax benefits and the personal satisfaction of running a family-oriented operation. However, navigating the legal and tax implications demands careful consideration and strategic planning. In this week’s Friday Tax Tip,

Starting a new company? Embarking on the entrepreneurial journey by setting up a new company is both exciting and daunting. This transition from idea to execution involves several critical steps, each with its unique challenges and opportunities. (Read Time: Approx. 3 minutes) Topics Discussed: Embarking on Your Business Venture Incorporating Your New Company The first

Mastering UK Property Taxes in 2024 Property taxation is often changing and updating, and includes specific taxes, such as Capital Gains Tax (CGT), Corporation Tax, and Income Tax on rental earnings. Each year can bring some changes, and with 2024 bringing an adjustment of CGT rates for residential property disposals, understanding the impact of these

Tax Planning Checklist – Use Before 5th April 2024 As we approach the end of the 2023/24 tax year, it’s crucial to explore avenues for tax savings. Below are targeted strategies to enhance your tax planning before April 5, 2024. Remember, consulting a tax professional, such as www.taxexpert.co.uk, is always recommended when making substantial financial

Spring Budget 2024 – Top 10 With The VAT rate steadfast at 20%, individuals and businesses should seek strategies that soften its financial impact. This necessity becomes more pronounced as we face an ever-evolving economic environment where effective financial planning is not just beneficial but essential. We talk about our ten favourite VAT-saving strategies, offering

Spring Budget 2024 – Top 10 Following the Spring Budget, Tax updates have been announced, ranging from National Insurance cuts to alterations in the taxation of non-domiciled residents, which could significantly impact personal finances and investment strategies. Here’s our top 10: (Read Time: Approx. 8 minutes) Topics Discussed: 1. Cuts to National Insurance Contributions Employees

HMRC Appeals: How to Challenge HMRC Dealing with HM Revenue and Customs (HMRC) during disagreements can seem daunting; it’s like an individual going up against a powerful tax organisation. However, there’s a silver lining: you have the right to challenge HMRC’s decisions, and submit HMRC appeals. (Read Time: Approx. 4 minutes) Topics Discussed: Your Right

Tax Strategies – Holding Company In the evolving journey of a business, growth brings both opportunities and complexities, particularly in managing taxation and protecting assets. We discuss sophisticated structures of mature businesses, offering insights on achieving tax and fortifying asset security strategies. (Read Time: Approx. 3 minutes) Topics Discussed: The Path of Expansion and Its