tax planning tax consultant Archives - Page 11 of 14 - Ilyas Patel Accountants in Preston

Main Residence Stamp Duty: How can you reclaim the 3% surcharge? Dive into the details of Stamp Duty Land Tax (SDLT) and find ways to get your money back. If you had to pay the extra 3% tax when buying a new main residence, don’t worry. This complete guide makes understanding main residence stamp duty

R&D Changes – What To Know For 2023 Following the March 2023 Budget, there have been some changes made to claiming your Research and Development (R&D) tax relief.   If you are a business which makes use of R&D tax relief, ensure to familiarise yourself with the changes made, which will come into effect starting on

Do Limited Liability Partnerships Pay Corporation Tax? A Simple Explanation When trying to decide on the best trading structure for your business, you’ll encounter a lot of complex terms and confusing tax rules. It can be especially difficult to understand the differences in the tax treatment for structures such as Limited Liability Partnerships (LLPs) and

HMRC’s Landlord Crackdown Begins with Renter Reform Bill The Renter Reform Bill grants HMRC access to landlord information, creating a “landlord database.” Will it lead to increased tax investigations? Find out more on today’s Tax Tip. Overview The Renter Reform Bill was recently introduced in Parliament. This means that HMRC will now have access to information

PPR Relief: Why Returning to Your Rental Property Matters When you own a property that was previously used as your Principal Private Residence (PPR) and you later rent it out, it’s essential to understand how this transition affects your tax liability. In this scenario, the impact on Principal Private Residence (PPR) tax relief, a significant

Understanding the Tax Implications of Transfer of Assets Abroad What are the implications of transferring assets abroad if you own a Furnished Holiday Letting (FHL)? What is Furnished Holiday Letting? An FHL is treated as a trading activity for Income Tax, Corporation Tax, and Capital Gains Tax (CGT) purposes. However, when it comes to National

Nil Rate Band for Inheritance Tax If you want to leave gifts in your Will, you should stay informed about tax considerations. Today, let’s look specifically at the nil rate band. Nil Rate Band 2023 What happens to a gift I give if I die within seven years? For Inheritance Tax (IHT), there’s a tax-free

Why You Desperately Need a Business LPA In this article, we walk you through the benefits of setting up a Business LPA – which can be an invaluable document to safeguard the future of your business. Business Power of Attorney UK – Benefits  If you’re a company director, there’s a possibility you may become incapable

Non-Residential Stamp Duty: Paddock Ruled as Such in Recent SDLT Case Non-residential stamp duty land tax (SDLT) rates offer a significant advantage over residential rates for costly properties, prompting buyers to explore ways to leverage these lower rates. In a recent high-profile case involving Mr and Mrs Suterwalla, their property’s separate paddock challenged the prevailing

Stamp Duty Refund On Uninhabitable Property Here’s a scenario that could get you a Stamp Duty refund that you might not be aware about. Here’s an important topic that could significantly impact your property investments: potential Stamp Duty Land Tax (SDLT) refunds on the purchase of uninhabitable properties. These are the main points to consider: