small business Archives - Page 5 of 14 - Ilyas Patel Accountants in Preston

Tax Efficient – Family Members Family members, particularly your spouse or children, can provide tax advantages if done correctly. However, it is essential to understand and comply with HMRC guidelines to avoid any potential challenges. (Read Time: Approx. 5 minutes) Topics Discussed: Guidelines and Compliance for Employing Family Members You can employ your spouse, civil

Make Sure the Taxman Isn’t the Main Beneficiary of Your Will Crafting a tax-efficient will is paramount to ensuring that your wealth benefits your loved ones rather than being diminished by taxes. Dying without an effective will, or intestate, allows the law to decide who inherits your assets, often resulting in unnecessary inheritance tax (IHT)

How Much Information Should You Give HMRC? When dealing with HMRC, there’s a spectrum of opinion on how much information to disclose. While some taxpayers feel compelled to divulge extensive details, others remain tight-lipped. However, finding a balance is essential. (Read Time: Approx. 4 minutes) Topics Discussed: HMRC Requirements Filling in Self-Assessment Tax Return When

Tax-Efficient Profits Extraction Extracting profits from a company in a tax-efficient manner is a complex but important task for company owners. Factors such as business type, activities, size, and family shareholders, alongside available profits, play a significant role in determining the best approach. (Read Time: Approx. 4 minutes) Topics Discussed: Basics of Profit Extraction For

Tax Traps of Different Classes of Shares in Family Companies Creating new share classes in a family company can be a strategic way to split income among family members, but it comes with its own set of tax considerations. This week, we look at the key tax consequences, anti-avoidance provisions, and statutory requirements involved in

Cheap Mortgage from Your Company? HMRC has delivered an unexpected yet advantageous update for shareholders. With the official rate of interest (ORI) for employee loans remaining remarkably low, there’s a unique window for savvy financial planning. Discover how leveraging company funds can significantly reduce your personal mortgage costs. (Read Time: Approx. 3 minutes) Topics Discussed:

Clever way to utilise your pensions annual allowance Understanding how to effectively use your pension’s annual allowance, especially in a tax year without earnings, can significantly impact your retirement savings. With changes in the annual allowance from £40,000 to £60,000 in 2023/24, it’s crucial to grasp the importance of pension contributions and the benefits they

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.