Let our clients tell you about us
Our knowledge is built upon combined decades of expert experience in tax and accountancy so you can rest assured that the most important of financial decisions are in the most competent hands.
Value of a close relationship
“We value the close working relationship we have with Shabeer and the specialist teams at Shipleys Tax and have found them very knowledgeable, friendly and quick to respond to our queries. Shabeer has attended several of our practice meetings and his advice regarding partnership succession issues has been invaluable. I would highly recommend Shipleys to other GP practices.”
Dr K, GP Surgery – Yorkshire
Fixed fee promise and no surprise bills
“One of the most frequent issues we had with our previous accountants was not being made aware, in advance, of the fees to be charged! Shipleys Tax were a breath of fresh air, always completely transparent. And no charges for any phone calls or meetings!”
FM Medical Practice – Manchester
Partner led client service promise
“Accountants seem to promise the earth but don’t deliver do they? Well we found the opposite. Abdul made himself available on so many occasions and even on weekends when we had a really major panic with a sale. Really grateful to him for his advice and foresight. If we needed to talk, they listen. It really is that simple!”
Mrs Khan – JL Healthcare
“I came to Shipleys Tax through a personal recommendation, at the time I was in a transitional period. I had already taken some steps towards self-employment, however I had no idea what I was doing and the information I received from others was inaccurate for what I needed… I needed some one to understand and help me resolve all the mess I was creating.
Abdul stepped in just at the right time. He dealt with all the paperwork, as well as giving me valuable advice on how to save tax, which was cool. I felt I was looked after, my needs taken care of without me feeling like being a burden.
I would recommend Shipleys to anyone that wants an experienced professional team, they are always eager to help and support your company and offer advice when needed, but above all they are always willing to go over and beyond expectation every time!”
Latest news & blogs…
HMRC has published further details of its proposals to amend the inheritance tax rules for non-domiciled individuals.
The changes were initially announced at the 2015 Summer Budget which were aimed at preventing non-doms from escaping a UK inheritance tax (IHT) charge on UK residential property through use of an offshore structure, and thereby bringing to an end the permanent non-dom status for tax purposes.
The consultation document suggests that individuals who are non-domiciled in the UK currently enjoy a significant advantage over other individuals for IHT purposes. UK-domiciled individuals are liable to IHT on their worldwide property, whereas non-doms are only liable on property that is situated in the UK.
Any residential property in the UK owned by a non-dom directly is within the charge of the IHT. However, a common loophole is for such individuals to hold UK residential properties through an overseas company or similar vehicle. In such a case, the property of the individual consists of overseas shares which will be situated outside the UK and are thus excluded from IHT.
In an effort to curb such structures HMRC plans to bring residential properties in the UK within the charge to IHT where they are held within an overseas structure. This charge will apply both to individuals who are domiciled outside the UK and to trusts with settlors or beneficiaries who are non-domiciled. The changes will come into effect from 6 April 2017.
Shares in offshore close companies and similar entities will no longer be deemed excluded property if, and to the extent that, the value of any interest in the entity is derived, directly or indirectly, from residential property in the UK. Where a non-dom is a member of an overseas partnership that holds a residential property in the UK, such properties will no longer be treated as excluded property for IHT purposes.
The consultation will close on October 20. The effect of these proposals will mean structures set up to mitigate IHT will now need to be reviewed in light of the above and specialist tax advice sought.
Upcoming changes to tax relief for landlords may result in them paying higher rates of tax as HMRC publishes guidance on how the interest relief restrictions would work.
We saw the changes announced in the summer budget of 2015 and HMRC have now published further guidance. The rules looks to restrict the interest relief a residential landlord can claim to calculate their income tax liability. The restriction is being phased in over four years with interest being restricted by 25% in each year until it takes full effect in April 2020.
How could landlords be affected?
Currently, landlords of residential properties can deduct all interest from rental income to calculate taxable rental profit. When the new measures take full effect, the interest will be completely disallowed and instead a tax credit equal to 20% of the interest will be given against the person’s income tax liability.
This could result in the individual having higher taxable income which could push them into a “higher” or “additional rate” of income tax. Furthermore, if individuals’ income exceeds £100,000 it could start to reduce their personal allowance, affect their entitlement to child benefit and restrict the amount on which they can claim tax relief for pensions.
What can you do?
These measures are controversial to say the least and a judicial review by a coalition of private landlords is currently in progress.
In meantime, Shipleys Tax strongly recommends seeking professional advice to help mitigate the effects of the changes above and take action to manage your property portfolio tax efficiently a there currently a few solutions available.
We are delighted to share with you our newly redesigned website, with a bold new look and enhanced navigation experience, and plenty of tax saving information!
To start, we’ve streamed lined our menus to give you quick access to the items you’re looking for. We’ve consolidated information on our organisation, our work and our commitment to offering the best tax planning services for your needs.
We invite you to start exploring:
- Tax solutions
- Accountancy for Doctors, Dentists and other professionals as well as Property Dealers
- Tax Investigation management now includes extended information and VAT enquiries
- New Family Business section offering valuable Tax Tips
We will be rolling out new pages and functionality over the coming months, and hope that you enjoy visiting our new website. We have tried to make all previous links active and point to the equivalent or relevant information. However, due to the significant changes in the website architecture, we know there may be digital hiccups and you may experience virtual road blocks along the way. This is where we need your help to iron out any bugs.
Please email us at email@example.com if you see a broken link or feel that something should be reviewed or enhanced. We will do our best to enhance your information experience.
Going forward, we promise to continually expand our online content and keep you updated with the latest information on tax planning. So check back often, and connect with us on your social network.
Shipleys Tax Team