Posts By: ilyas Patel

Welcome… Welcome to The 19th March Budget edition of Tax Tips & News. In this analysis we have mainly concentrated on the tax measures that will directly affect individuals, employers and small businesses. We are committed to ensuring all our clients don’t pay a penny more in tax than is necessary. Please contact us for… Read more »

The amount of companies that have had assets seized rose significantly during 2008 and 2013 with £3,657 having assets seized compared to just 263 in 2008/9. HMRC have used their powers of distraint to seize and sell goods or assets such as vehicles, machinery or IT equipment from business premises at public auction  in order to… Read more »

H M Revenue & Customs have confirmed that the plan to attach VAT to the trading of Bitcoins is to be scrapped. Although some tax authorities have concerns over the scope of the virtual currency, such as Russia who has made Bitcoin transactions illegal and China who has banned their banks from handling Bitcoin trades,… Read more »

The Government announced in January 2014 that bedroom tax cuts to housing benefit should not have been applied to certain people.  The loophole applies to those people who have been claiming housing benefit, continuously for the same home for the past 17 years. People affected include those who have been working for low wages or… Read more »

As part of a package of initiatives to help local economies recover from the disruption caused due to wet and stormy weather of the last couple of months, David Cameron, Prime Minister has said the government is to offer a tax deferral scheme for affected businesses. At a recent conference held at number 10, David… Read more »

Preston accountants to give free advice to small businesses under new scheme Small businesses could get up to £2000 under government initiative Free advice will be available to small businesses worth up to £2000 from Ilyas Patel Ltd, a member of global accountancy body ACCA (the Association of Chartered Certified Accountants) under a new initiative… Read more »

If you are aged over 18 with a viable business plan, you could apply for a government-backed Start Up Loan to help you start your business. Lancashire Community Finance is one of the local partners and has provided nearly £40,000 and practical advice to business start ups in Preston.  Those taking advantage of the support… Read more »

When buying a new home from a builder or developer you are not required to pay VAT on top of the purchase price because these such dwellings are exempt of VAT. H M Revenue & Customs recognise that it is unfair to charge VAT to builders who build their own house/home, therefore it has put in place certain… Read more »

H M Revenue & Customs revealed the top ten oddest excuses for late tax returns ahead of the 31 January deadline. The following bizarre, exotic and flimsy excuses have all been used by tardy taxpayers: My pet goldfish died (self-employed builder) I had a run-in with a cow (Midlands farmer) After seeing a volcanic eruption on… Read more »

In April 2015, new rules will come into force under the Children and Families Bill 2012-13 allowing working mothers to share their maternity leave and maternity pay with their partners. Employees will be entitled to share a maximum of 52 weeks’ leave and 39 weeks’ statutory pay upon the birth or adoption of a child.  After… Read more »