We have gathered a team of experts

from a range of leading professional backgrounds

Meet The Team

Chartered Tax Advisers: The Gold Standard

Shipleys Tax is a tax driven practice lead by members of the The Chartered Institute of Taxation (Chartered Tax Advisers). This is considered the “gold standard” for those specialising in all aspects of taxation.

Practice partners

The partners work alongside a talented team of tax and accountancy professionals. Together they hold over 55 years worth of high level tax planning, audit and accountancy expertise and have trained with Big 4 accountancy firms KPMG and Ernst & Young.

  • Co-founder and head of Tax Planning.
  • Over 19 years in tax planning HNWIs and Trusts.
  • Gained CTA status with Big 4 accountancy firm KMPG and reached Senior Tax Planning manager.
  • Previously held key positions at top firms: Ernst & Young and PKF.

Shabeer is passionate about providing down-to-earth, practical tax solutions in answer to even the most complex of problems; he always ensures that through Shipleys’ services that the end client receives true value for money.

Email: info@shipleystax.com
Telephone: 0114 272 4984

  • Co-founder and Head of Tax and VAT.
  • 19 years experience in tax planning and consulting for OMBs, multinational companies.
  • Formerly served as senior technical consultant with Croner Consulting.
  • Qualified CTA with prestigious accountancy firm Ernst & Young specialising in corporate tax.
  • Previously worked within top ten firm Baker Tilly and Gordons as a tax manager.

Expertise: GPs/Dentists and Pharmacies, corporate and international tax, loan relationships, company reconstructions and group planning, IR35, VAT and Charities.

Having worked with and advised other professionals Abdul believes there is no substitute for solid, clear advice for those seeking a robust tax planning and accountancy service.

Email: info@shipleystax.com
Telephone: 0114 272 4984

  • Head of Accounts and audit assistance.
  • Over 14 years’ high level experience in Audit and Accounts.
  • Trained and qualified with Ernst & Young as a Senior Assurance Consultant before working at other accountancy practices within the top ten UK firms.
  • Significant experience in Auditing large PLC companies and dealing with FDs & FCs of FTSE 100 companies.
  • Management experience of auditing and accounting SMEs, Legal and Medical Profession, Charities and Not-for-Profit Organisations.

Expertise: Auditing and Accounts preparation for Solicitors, Dentists and GP surgeries, VAT, Charities, Grant funding, Business Planning.

Masood steadfastly believes that the key to managing a successful client relationship is to provide each client with a highly personalised level of service, as well as being proactive in his approach to each tax planning problem. At Shipleys we pride ourselves on being able to provide both as standard.

Email: mk@shipleystax.com
Telephone: 0114 272 4984

  • Over 30 years tax experience across a plethora of tax areas.
  • After qualifying in tax Ken moved to a top 30 tax firm in London as corporation tax manager dealing with quoted group of companies.
  • Company reconstructions; MBOs; purchase of own shares; acquisitions/sales and due diligence work.
  • Tax planning strategies involving employee trusts (EBTs, E-Furbs); SDLT mitigation; income tax/capital gains tax/IHT sheltering; profit extraction; company capital gains mitigation and briefing tax counsel on proposed strategies.
  • Recognised expertise on employment-related shares including HMRC-approved EMI options; unapproved share schemes and technical issues and employment status enquiries.
  • Extensive experience of contentious technical disputes with HMRC, with successful outcomes on many issues.

Email: ken@shipleystax.com
Telephone: 0114 272 4984

  • Over 30 years experience in taxation.
  • ICAEW Tax and the Finance & Management Faculties member; member of the Council of the Chartered Institute of Taxation.
  • Formerly a Senior Manager at KPMG and latterly at RSM Robson Rhodes.
  • Lecturer in tax for branch meetings of the Chartered Institute of Taxation and Sheffield Hallam University on property taxation.

Email: chris@shipleystax.com
Telephone: 0114 272 4984

  • Extensive background in litigation and regulatory compliance. Babul deals with dispute resolution, business issues, contracts, property and employment related legal issues.
  • Settling cases of high value (up to £1 million).
  • Trustee of Yorkshire Water Community Trust since 2010.
  • Recent Trustee of £1 million pound trust
  • Trained mediator.

Email: bob@shipleystax.com
Telephone: 0114 272 4984

  • As an ex-Inspector of Taxes and former Ernst & Young manager, Sean has spent more than 20 years working on both sides of the tax industry, at one time leading HMRC investigations and at others defending clients against them.
  • Sean is a highly-regarded tax consultant and tax accountant who specialises in Tax Investigations and Tax Risk Management.
  • During his career he has helped minimise the tax liabilities of private individuals and small and medium-sized (SME) business through to FTSE 100 and Blue Chip companies.
  • This experience has left us uniquely qualified in being able to provide tax advice and resolve tax problems in a way which can withstand the intense scrutiny of HMRC.
  • This is because we have first-hand knowledge of HRMC operating procedures, giving us an invaluable insight in how best to advise clients on the complex tactics and strategies HMRC employs.

Email: sean@shipleystax.com
Telephone: 0114 272 4984

Ian has over 20 years experience within the VAT world. His first 8 years experience were gained with Customs & Excise, working as a VAT inspector throughout the Yorkshire and Humberside region and acting as a trainer throughout the North. Ian’s past 12 years have been spent working for a variety of VAT service providers, including two ‘big 4’ and one ‘top 10’ accountancy practices, a large regional accountancy practice and a VAT service boutique. From entering private practice as an Assistant Manager Ian achieved promotion to Director leading a team of consultants.

Email: ian@shipleystax.com
Telephone: 0114 272 4984

Testimonials

Company news

COVID-19: New wage subsidy Jobs Support Scheme – what does it mean for you?

Meet The Team Shipleys Tax Advisors

WITH THE THREAT of a second UK lockdown looming, the Chancellor has today sprung into action to unveil his “Winter Economy Plan”.

Measures in Mr Sunak’s Plan include a new Jobs Support Scheme, an extension to the VAT cut for some sectors and support for businesses and workers.

At Shipleys Tax we have gathered the most relevant parts of the plan and summarised them below.

Measures in Mr Sunak’s Plan include a new Jobs Support Scheme, an extension to the VAT cut for some sectors and support for businesses and workers.

What is the New Jobs Support Scheme?

  • The new Scheme, which is available to all small and medium-sized businesses, will see the Government top up the wages of workers forced to cut their hours due to the pandemic. It is intended to replace the somewhat successful employer furlough scheme.
  • Employees will get paid for work as normal, with the state and employers then increasing those wages to cover up to two-thirds of the pay they have lost by working reduced hours.
  • This means that employees must work a minimum of 33% of their normal hours. For the remaining hours not worked, the government and employer will pay one third of the wages each, meaning that employees working 33% of their hours will receive at least 77% of their pay.
  • The idea behind the scheme is that it will enable employers to retain workers on reduced hours, so that employees are not made redundant.
  • The Job Support scheme will start from November 2020 and last for six months, taking over from the current furlough scheme, which is due to end on the 31 October 2020.
  • It will run alongside the Job Retention Bonus, as well as other initiatives aimed to help get people back into work such as the Kickstart Scheme.

This means that employees must work a minimum of 33% of their normal hours. For the remaining hours not worked, the government and employer will pay one third of the wages each, meaning that employees working 33% of their hours will receive at least 77% of their pay.

Who is eligible for the Job Support Scheme? 

Employees eligible for the Job Support Scheme must be employed to work two-thirds of their normal hours and it is available to anyone who is in employment from 23 September 2020.

How do you apply for the Job Support Scheme?

No details were provided by Chancellor about how the Job Support Scheme can be applied for. At Shipleys Tax we envisage it would work in the same way as the furlough scheme, which would mean that employees would not have to do anything, but instead it will be down to their employer to apply for the scheme.

Autumn Budget cancelled 

Some further good news. Yesterday, the Chancellor announced that there would be no Autumn Budget. Many were predicting that the Autumn Budget would involve tax increases (notable capital gains tax) to help pay for Government schemes that were announced at the beginning of the nationwide lockdown in March. Instead, the next budget is now set to take place in spring 2021.

Self-employment income support scheme

For the self-employed, the grant available for those qualifying has been extended.

VAT cut

The 15% VAT cut for the hospitality and tourism sectors has also been extended.

If you are affected by the above and would like more information, please call 0114 272 4984 or email info@shipleystax.com.

Please note that we do not give free advice by email or telephone.

Beware of unscrupulous R&D tax relief claim companies

Meet The Team Shipleys Tax Advisors

TO PREVENT the abuse of Research & Development tax credit relief claims, HMRC are looking to step up their crackdown on unscrupulous companies promoting exaggerated claims.

At Shipleys Tax, we are aware of the many pitfalls of an ill-prepared claim and the issues to avoid and how you can maximise the the tax relief claim.

This was borne out by the recent case of AHK Recruitment v The Commissioners for HMRC in the First Tier tax tribunal where a claim for Research & Development (R&D) was denied due to lack of credible evidence. In particular, the R&D report which was submitted did not give clear evidence as to how the research and development took place. The Tribunal was amazed that no competent professional gave evidence, not even a witness statement. Nor was there any professional representation.

What is R&D?

Research & Development is a significant driver of innovation, economic growth and employment across all regions of the UK.

The R&D tax relief is a very valuable relief. Under the SME scheme, where expenditure incurred by a SME qualifies for relief, the company can claim an extra deduction in calculating its taxable profits. That extra deduction is 130% of the qualifying expenditure, which means that the company obtains a total deduction of 230% (that is the original spend plus the additional deduction) of the original qualifying expenses.

If the company makes a loss for corporation tax purposes, the loss from the R&D deduction can (with some restrictions) be ‘surrendered’ in return for a payment of R&D tax credit. The payable tax credit is then 14.5% of the loss surrendered.

Abuse of R&D claims

Unfortunately, R&D is not a regulated industry and there are no real barriers to entry which has resulted in a tsunami of new overly enthusiastic entrants who exaggerate what should be considered as true R&D within the rules of the scheme. They may have incorrect suggestions as to what might qualify to encourage potential clients to sign up to their commission-based fee engagements. 

The consequences of incorrect claims can be significant on the business. Not only will the business need to repay tax and interest, it may have significant tax penalties which may hit cash flow hard. 

One underlying issue is that taxpayers are still failing to understand that the UK tax system is inherently “process now” and “check later”. Therefore whilst the business may receive a tax repayment from HMRC, HMRC have a window to enquire into the affairs of the business and this can be extended in some cases to 20 years.

Therefore, it is imperative to ensure that you instruct experienced and credible R&D firms who are real professionals and technically competent, as well as having high ethical standards, as this is a complicated area of tax law.

Key learnings

  1. The importance of the competent professional and their experience and qualifications.
  2. With software claims, the advance and uncertainties have to be in the field of software, not the industry it is being used in.
  3. Concentrating too much on functionality as opposed to advancement in the field of research, and uncertainty in the report.
  4. Lack of detailed evidence of costs.

At Shipleys Tax we expect to see a significant rise in cases such as AHK Recruitment above. HMRC are stepping up their crackdown on fraudulent R&D claims and have increased resources to tackle tax abuse due to a significant increase in incorrect and fraudulent R&D claims.

HMRC’s consultation on preventing abuse of R&D tax relief for SMEs closed Friday, 28 August 2020.

To talk through your potential R&D claim and how our team of experts might be able to help, please call 0114 272 4984 or email info@shipleystax.com.

Covid-19 Support Payments – Tax treatment

Meet The Team Shipleys Tax Advisors

IN STRIFE AS IN DEATH, tax is never far away it seems. The government has made various support payments available to individuals and businesses to help mitigate the profound effects of the Covid-19 pandemic but there is a sting in the tail. What is the tax position of these payments?

Those self-employed people and business owners who have received a grant during the coronavirus pandemic, do they need to take these into account when preparing their tax returns for 2020/21. Shipleys Tax looks at the lesser known tax impact of these payments here.

Payments under the Coronavirus Job Retention Scheme?

Grants payments made under the Coronavirus Job Retention Scheme (CJRS) for fully furloughed and flexibly furloughed employees are included in the calculation of the employer’s profits. However, they can deduct payments made to employees and associated employer’s National Insurance and pension contributions.

Those self-employed people and business owners who have received a grant during the coronavirus pandemic, do they need to take these into account when preparing their tax returns for 2020/21. Shipleys Tax looks at the lesser known tax impact of these payments here.

As far as the employee is concerned, grant payments paid over to them are treated in the same way as normal payments of wages and salary. They are taxable under PAYE and liable to Class 1 National Insurance contributions.

Grants under the Self-employment Income Support Scheme

The self-employed, can, if eligible, claim grants under the Self-employment Income Support Scheme if their business has been adversely affected by the Covid-19 pandemic. The first grant could be claimed in May and the second can be claimed in August.

The grants should be taken into account in computing profits for 2020/21, returned on the self-assessment tax return due by 31 January 2022. As they are included in profits, where these exceed £9,500 for 2020/21, Class 4 National Insurance contributions are payable. If profits exceed £6,475, the trader must also pay Class 2 contributions.

Where profits are below £6,475 for 2020/21, there is no obligation to pay Class 2 contributions. However, it can be beneficial to pay them voluntarily to ensure that 2020/21 remains a qualifying year for state pension and contributory benefit purposes.

Other grants

Various other grants were also paid to particular types of business, such as those eligible for small business rate relief and grants to those in specific sectors, such as those payable to businesses in the hospitality, retail and leisure sectors and to Ofsted registered nurseries.

Where the business operates as a company, the grants should be taken into account in calculating the profits chargeable to corporation tax.

If the grants were payable to a sole trader or unincorporated business, they should be taken into account in computing the profits chargeable to income tax.

If you need assistance regarding the tax treatment of government support grants, please call us on 0114 272 4984 or email info@shipleystax.com.

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  • 0114 272 4984
  • Wharf House, Victoria Quays,
    Wharf Street Sheffield,
    S2 5SY

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