Becoming embroiled in a tax dispute with HMRC can be both time-consuming and expensive. Fortunately, HMRC have been refining their processes over the years with the aim of providing a viable alternative to litigation. Alternative dispute resolution (ADR) is now widely available, and can help individuals and businesses resolve disputes with HMRC before the matter…Read More
Inheritance tax (IHT) is a tax levied on a deceased person’s estate. Every person – whether married or unmarried – is entitled to an allowance on which IHT is not due: the nil-rate band (which is frozen at £325,000 until 2021). Any part of a deceased person’s estate that exceeds this threshold is likely to…Read More
Making Tax Digital (or MTD) represents one of the biggest changes that the tax industry has ever seen – and it’s coming soon. IBISS & Co are here to help you stay ahead of the curve. MTD is a government initiative that spells the end of paper accounting and aims to make it easier for…Read More
In our previous blog, we explored the key considerations for setting up a limited company: how to name your company, things to think about when appointing shareholders or considering share capital, and all the information you’ll need to hand when submitting your application. In this blog, we’ll look at the tax implications for a limited…Read More
If you run your own business and are thinking of setting up a limited company, there are various reasons as to why this may prove advantageous: from potential tax savings to reduced personal liability. However, the process of forming a company can be longwinded, and there are several things to consider before you can begin.…Read More
You may assume that inheritance tax only affects those with extremely large estates – but the likelihood of incurring tax charges on an inheritance is higher than you think. Whatever your financial position, if you’re thinking of bequeathing an asset to a loved one upon your death, you would be wise to consider inheritance tax…Read More
Being a landlord can be a costly business: from insurance to cleaning fees, there are plenty of things to pay for. Fortunately, many expenses can be claimed back, meaning that you can significantly reduce your tax bill. The legislation governing allowable expenses is not the easiest to understand, however, and recent amendments have changed the…Read More
A valuable tax relief for business owners, business property relief can reduce the amount of inheritance tax payable on transfers of relevant property. ‘Relevant’ business property can also signify certain assets or business interests, and such transfers can be made during an individual’s lifetime or after death. If available, the rate of business property relief…Read More
If you thought the saying ‘there’s no such thing as a free lunch’ didn’t apply to the business world, think again – because, although entertaining staff and client on the company dime is common practice in some industries, these activities are not always tax deductible. It’s not that corporate entertaining is frowned upon; indeed, it’s…Read More
From April 2019, significant changes will be made to the taxation of UK real estate – meaning that if you are a non-resident holding commercial property within the UK, you will be subject to tax on any gains. Tax for Non-Residents Holding Commercial Property: The ‘Old’ Rules Until recently, capital gains tax was only ever…Read More
Most of us are used to seeing tax experts on television around the time of the annual Budget announcements; but have you ever wished you could find a programme offering tax advice that is relevant to day-to-day life as well as business issues? If so, look no further: chartered tax advisor Muhammad Sufyan and Asim…Read More
If you are a UK resident with offshore interests, and you’re concerned that you may not have paid the right amount of tax historically, now is the time to take action. Under the Requirement to Correct legislation (RTC), you have until 30th September 2018 to make full disclosure to HMRC, after which time substantial penalties…Read More
This blog is part of a series. Have you read ‘Spring Statement 2018: What’s Next for Entrepreneurs? (Part One)?’ Building on his earlier pledge to unlock £20 billion of investment (an announcement made in the 2017 Autumn Budget), in the Spring Statement the Chancellor unveiled plans to consult on the Enterprise Investment Scheme, with a…Read More
Since the decision was taken to push the Budget back to autumn, we’ve come to expect the Spring Statement to contain little news regarding taxes. In 2018, this was largely the case – though there was an important announcement regarding Entrepreneurs’ Relief. The government revealed plans to consult on proposals first mentioned in the 2017…Read More
For most UK taxpayers – whether you’re at the helm of a business or if you’re a PAYE employee – every penny counts. The arrival of a new tax year, which brings into effect rule changes announced previously, can therefore have a big impact on your finances. In this blog, we’ll explore five key alterations…Read More
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