business owner Archives - Ilyas Patel Accountants in Preston

Dividends V Bonuses – Which will save Tax? After the Corporation Tax rate increased from 19% to 25% in April 2023, the longstanding preference for dividends over bonuses is up for debate. This shift necessitates a deeper exploration into which form of profit distribution—dividends or bonuses—provides better tax efficiency under current tax regulations. (Read Time:

Tax Efficient Professional Will Drafting Drafting a will goes beyond the simple division of assets—it’s a crucial decision that significantly impacts the financial legacy you leave behind. Particularly, it affects how much Inheritance Tax (IHT) your heirs might have to pay. Engaging a professional solicitor ensures that your will is legally sound but also drafted

9 out of 10 miss this… Tax Credits on Commercial Property Ownership Capital allowances offer significant tax advantages for commercial property investors, allowing for tax credits and refunds based on embedded fixtures and fittings. By enabling businesses to deduct these costs from their taxable profits, capital allowances reduce tax liabilities and release funds for reinvestment.

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