Money-saving tips by a Tax Expert. Tax Expert is the brainchild of Ilyas Patel, one of the UK’s most well-known entrepreneurial tax advisors. Over the years, his expertise at handling a diverse array of complicated tax issues have benefited countless clients. Through Tax Expert, he hopes to continue delivering high-quality solutions to clients with a… Read more »
(6 Minute Read) Protect your family from a huge tax bill What is Inheritance Tax? Inheritance Tax (IHT) is a tax charged on your estate when you pass on, but it can also be charged on transfers made during your lifetime. Failing to plan ahead could result in a large tax bill, making HMRC your… Read more »
(2 Minute Read) Why you could be left with a 54.5% tax bill? What is it? In the Chancellor’s 2021 budget, Rishi Sunak announced a series of planned tax rises. The increase in corporation tax has resulted in an increased marginal rate for profits over £50,000. Depending on how your income is configured, you may… Read more »
(2 Minute Read) Borrow up to £10 million to recover from COVID-19. What is it? The Recovery Loan Scheme has been set up to help businesses of any size arrange overdrafts or loans of between £25,000 and £10 million. No personal guarantees will be taken on loans up to £250,000 and a borrower’s principal private… Read more »
(2 Minute Read) Up to £18,000 for your business to re-open! What is it? The Restart Grant Scheme has been designed to help businesses re-open safely through COVID-19, and opened on the 1st April 2021. Eligible businesses in the non-essential retail sector could be entitled to £6,000. Businesses in the hospitality, leisure, gym, and personal… Read more »
(2 Minute Read) How much Stamp Duty do I need to pay? What is it? Stamp Duty Land Tax (SDLT) is a tax paid when you purchase a property over a certain value. In April 2016 the Government added a 3% surcharge on SDLT for second homes. The 3% surcharge doesn’t apply to the total… Read more »
(4 Minute Read) Could you be taxed for giving at Easter What is it? Everybody likes to receive an Easter Egg or more…. but there may be tax implications on receiving them. This is because HMRC has different rules on gifts to staff, customers and charities. They also have different rules on gifts from individuals… Read more »
(4 Minute Read) Changes to Off-Payroll working and IR35. What is it? Off-Payroll working is when a worker is not on the PAYE payroll. This worker could be providing their services through a Personal Service Company (PSC), which aims to sell their services to an end client. IR35 refers to the sets of legislation that… Read more »
(3 Minute Read) Final changes to Mortgage Relief for landlords. Is it time to transfer to a limited company? What is it? Relief on mortgage interest for landlords is being scrapped. The changes mean that all finance costs, not just mortgage costs, will no longer be an allowable expense. Instead you will have to make… Read more »
(6 Minute Read) The rules for VAT in the construction industry. What is it? The VAT Domestic Reverse Charge is the new way VAT is handled in the construction industry. This new system has been designed to reduce fraud in the construction industry. It works by stopping VAT being collected as work is done along… Read more »
