Posts By: ilyas Patel

VAT Implications to the Supply of Services after Brexit.

(2 Minute Read) How has Brexit affected the supply of services? Since Brexit the transition period, the VAT rules for the supply of services have changed. Whilst not as complicated as the rules on the supply of good, they still represent a significant change from the past. The rules applied are dependant on deciding where… Read more »

New Coronavirus Business Support 2021

COVID-19 has left an irreversible mark on the world and economy with effects that will last for years to come. Since the government has issued social distancing measures and lockdown orders to curb the spread of Covid-19, the market has faced unprecedented difficulties that has hit many businesses hard. The financial and banking sectors have… Read more »

How do I Apply for the Cycle to Work Scheme?

(4 Minute Read) How to get a bike tax free! What is the Cycle to Work Scheme? The Cycle to Work scheme was introduced in 1999 to improve health and reduce pollution. Under the scheme, your employer buys the bike, and then loans it to you whilst you make payments directly from your salary. These… Read more »

Post-Brexit Import Tax is Changing

(4 Minute Read) Post-Brexit VAT changes to importing goods. What’s changing about Import VAT? As a result of Brexit, new import tax rules need to be followed on goods imported from the EU. VAT must be applied on all imports from the EU of £135 or more, and it is applied at the time the… Read more »

6 Money-saving tips by a Tax Expert

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 »

What is Inheritance Tax?

(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 »

New tax rate of 54.5%!

(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 »

Recovery Loan Scheme

(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 »

New Restart Grant Scheme

(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 »

Stamp Duty on Second Homes

(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 »