tax planning tax consultant Archives - Page 7 of 14 - Ilyas Patel Accountants in Preston

Valuable Overlooked Stamp Duty Relief – Multiple Dwellings Relief (MDR) Understanding specific SDLT reliefs in property taxation is vital for tax savings. One such relief, often overlooked yet remarkably beneficial, is the Multiple Dwellings Relief (MDR) as part of Stamp Duty Land Tax (SDLT). (Read Time: Approx. 3 minutes) Topics Discussed: MDR: A Strategic Avenue

Tax Savings for Your Spanish Holiday Home –Only 1% of Landlords know about this Owning a furnished Spanish holiday home in has potential for tax savings. Many property owners are eligible for tax benefits when it qualifies for furnished residential properties across the European Economic Area (EEA). (Read Time: Approx. 6 minutes) Topics Discussed: Tax

Family Tax Planning: A Guide to Income Splitting In the complex world of family finance management, strategically organising wealth to maximise tax efficiency can substantially enhance household savings. We discuss strategies of income distribution within families, highlighting how such practices, when properly planned, can optimise tax allowances for the entire family. Through examination and referencing

Understanding Property Incomeand Its Tax Implications Property income and its taxation can be daunting for individuals, trusts, and companies alike. Whether you’re an experienced landlord or considering entering the property market, understanding how property income is taxed is crucial to ensuring financial efficiency and compliance with tax regulations. (Read Time: Approx. 5 minutes) Topics Discussed:

Inheritance Tax & Gifting Property – What you need to know Inheritance Tax (IHT) implications have become increasingly pertinent, encouraging many to consider the consequences of estate planning and asset gifting. A question from a client concerning the tax implications of transferring ownership of a home to a family member while continuing to live in

Offshore Companies Owning UK Residential Property Are There Tax Implications? Holding UK property through offshore companies requires a keen understanding of current tax implications. Whether you’re an investor, a business owner, or engaging in property trading, knowing how you could be liable for tax is crucial. (Read Time: Approx. 4 minutes) Topics Discussed: Understanding Non-UK

Transferring Property into a Limited Company – Tax Considerations If you’re a property owner, get a grip on the tax implications of incorporating your residential property business and transferring your property into a limited company. While it might seem daunting, mastering these specific tips is key to unlocking potential tax benefits. Keep reading to harness

Your Obligation to File Self-Assessment Tax Returns – Explained The Self-Assessment tax journey often leaves many puzzled, particularly when considering factors like directorship, capital gains, or simply understanding HMRC’s outlined rules. This often leads to people who need to file Self-Assessment returns not doing so, which leads to unexpected tax bills, and on top of

Bill Your Company for Home Office Space Use £ The modern business landscape often blurs the lines between personal and professional spaces. For directors who find themselves in a position where their home doubles as their workspace, the question arises: Can you charge your company rent for this dual use? (Read Time: Approx. 3 minutes)

Last-Minute Tax Return Tips This guide will walk you through the critical points and help you prepare for the impending deadline with a strategy to mitigate penalties and safeguard against HMRC inquiries. (Read Time: Approx. 5 minutes) Topics Discussed: Deadline Dynamics and Penalties For the fiscal year 2022-23, the deadline for online tax return submissions