small business Archives - Page 3 of 14 - Ilyas Patel Accountants in Preston

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

Potential Changes to Capital Gains Tax in the Autumn Budget With Labour pledging not to raise Income Tax, National Insurance, or VAT, speculation is rife about how Chancellor Rachel Reeves will address the £22bn shortfall in the Autumn Budget. One likely target is of the Autumn Budget is Capital Gains Tax (CGT), which could see

Keeping Your Finances Away from the £100,000 Tax Cliff Beyond earning £100,000, two significant financial drops present themselves: the loss of free childcare and the tapering of the income tax-free personal allowance. Together, these can impose a marginal tax rate of 60% and create unexpected financial strain. So, what can you do to stay below

Five Tax Perks That May Disappear in the Next Budget With the UK government facing a significant shortfall in public finances, the upcoming budget is expected to close certain tax loopholes rather than increase major tax rates. Rachel Reeves, the Chancellor, is likely to focus on curbing tax advantages that benefit wealthier individuals, raising billions

Can I Give My Child a Buy-to-Let Property and Reduce My Inheritance Tax Bill? When considering passing a buy-to-let property to your child, the goal is often to do so in a tax-efficient way. Gifting property can seem straightforward but carries significant tax implications, particularly when it comes to inheritance tax (IHT) and capital gains

Incorporation Relief –A Tax Break for Landlords Incorporation Relief is a powerful tax incentive that allows landlords to delay paying Capital Gains Tax (CGT) when transferring their property business into a limited company in exchange for shares. This relief can also help landlords save on Stamp Duty Land Tax (SDLT). But how exactly does Incorporation

HMRC Letter Fraud Alert – Could You Be the Next Victim? Scammers have crafted what could be the most convincing HM Revenue and Customs (HMRC) scam letter yet, designed to trick individuals and businesses into divulging sensitive tax information. This fraudulent communication uses accurate technical jargon and official HMRC branding, making it alarmingly believable. The

Can I Offset Capital Gains Tax When Selling My Buy-to-Let? When it comes to selling a buy-to-let property, the goal for most landlords is to reduce their tax liability as much as possible. A common query is whether the costs incurred in running the property, such as utilities and local rates, can be deducted from

Normalising the Tax Year End – What your Business Needs to Know The recent reforms by HMRC regarding the basis period for unincorporated businesses have introduced significant changes in how these businesses might approach their tax year-end. Although there is no mandatory requirement to align with 31st March, many firms are expected to do so.

Are You Being Profiled by HMRC? HMRC has significantly ramped up its use of risk-based profiling, relying heavily on a powerful tool known as Connect. This sophisticated software analyses vast amounts of data, enabling HMRC to build detailed profiles of taxpayers, aiming to identify returns or behaviours that deviate from the expected norm. But what