Ilyas Patel Accountants in Preston
FIC LLPs (Part Two): Tax-Efficient Investments For Higher Rate Taxpayers
By: ilyas Patel
April 25, 2023
FIC LLPs (Part Two): Tax-Efficient Investments For Higher Rate Taxpayers In this article, we look more closely at tax-efficient company structures for higher rate taxpayers, namely Family Investment Company LLPs. Tax-efficient investments for higher rate taxpayers: An introduction If you’re a higher-rate taxpayer, you are likely aware of the high tax rates that can apply
Family Investment Company LLP Tax (Part One)
By: ilyas Patel
April 25, 2023
Family Investment Company LLP Tax (Part One) Do you know the tax benefits of setting up a Family Investment Company LLP? Find out how it can benefit your business. Family Investment Company vs LLP Tax If you’re seeking to safeguard your wealth, grow your business, and pass it on to your family with lower taxes while
Slash Your Tax Bill With Your Furnished Holiday Let: Start Saving Today!
By: ilyas Patel
April 25, 2023
Slash Your Tax Bill With Your Furnished Holiday Let: Start Saving Today! In this week’s Tax Tip, we’ll provide you with some important information about your Furnished Holiday Let (FHL) that could slash your tax bill. Furnished Holiday Letting (FHL) If you’re looking for ways to save tax for furnished holiday lets (FHL), there are
Family Investment Company vs Trust
By: ilyas Patel
April 25, 2023
Family Investment Company vs Trust A Family Investment Company vs Trust is a practical consideration when choosing the best way to manage family wealth and assets in the UK. While both structures offer benefits and drawbacks, choosing between them requires an understanding of their key features. In this guide, we’ll explore the differences between FICs
Gifting Shares to Spouse
By: ilyas Patel
March 28, 2023
Gifting Shares to Spouse If you’re a business owner in the UK, you may be wanting to transfer shares to your spouse. Our article provides a brief overview on the tax implications of gifting shares, so you can decide whether it benefits you. (5-minute read) We will cover: The tax implications of gifting shares to
Being VAT Registered Is Killing My Business
By: ilyas Patel
March 7, 2023
The Reality: Being VAT Registered Is Not Killing Your Business You might think being VAT registered… Is a huge drain on your resources, both financially and time-wise Means having to fill out far more paperwork Can be a real strain, due to additional costs Will make you lose clients due to increasing your prices by
End of Tax Year 2023 (2022/23) Planning Tips
By: ilyas Patel
February 23, 2023
End of Tax Year 2023 (2022/23) Planning Tips With 2022/23 tax year almost over, it’s time to review the best tax-saving strategies. This comprehensive guide will help you make the most of the end of tax year 2023, and to keep these strategies in mind to enter 2023/24. (12-minute read) We will cover: Tax-efficient tips
How to appeal a tax penalty
By: ilyas Patel
February 23, 2023
How to appeal a tax penalty This text guides on how to appeal a tax penalty in the UK, and includes specific information on different types of tax penalties. (3-minute read) We will cover: The step-by-step process of appealing a late tax penalty Different methods of appeal for different taxes The general process What are
Wholly and exclusively: Are accommodation costs tax-deductible?
By: ilyas Patel
February 23, 2023
Wholly and exclusively: Are accommodation costs tax-deductible? Travelling on business can be tax-deductible, including accommodation costs. By being aware of the rules, you can make the most out of your business expenses. Find out how the ‘wholly and exclusively’ rule applies to accommodation costs! (4-minute read) We will cover: All about the ‘wholly and exclusively’
Paying Tax On Dividends VS Bonuses
By: ilyas Patel
February 23, 2023
Paying Tax On Dividends VS Bonuses If you’re a company director, you may think the most tax-efficient way to take money out of your company is through dividends. But as of 2022-23, and moving forward to the 2023-24 tax year, bonuses could be more tax-efficient. Why? (3-minute read) We will cover: Legislation around paying tax