Let our clients tell you about us
Testimonials
The greatest compliment we receive is a client recommendation. Below are just a few of the kind words our clients have shared about working with Shipleys Tax.
The 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 Khan, GP Surgery — Yorkshire
Dubai expat return — saved from a £1.2m UK tax bill
“After selling my business in Dubai I was planning to return to the UK the following year. A friend suggested I speak to Shipleys Tax before booking flights and it turned out to be the best decision I made. Shabeer quickly identified that I was about to walk into the temporary non-residence rules and face a UK tax bill in excess of £1 million on gains I had assumed were safely outside the UK net. With their guidance we restructured the timing of my return and my affairs completely legitimately — the tax saving was life changing. I cannot thank them enough.”
Imran — UK Entrepreneur, returning from Dubai
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
CGT planning for dental practice sale
“Selling the dental practice I had built over 25 years was always going to be emotional, but I wasn’t prepared for the tax complexity. Abdul and the team at Shipleys Tax walked me through every option, explained the capital gains tax implications in plain English, and structured the sale in a way that saved me a significant amount of tax. Their attention to detail and proactive planning made all the difference — I only wish I had spoken to them sooner.”
Kevin — Derby, Dental Practice Owner
Property portfolio incorporation
“After Section 24 mortgage interest changes my buy-to-let portfolio had become a nightmare. I was paying tax on income I was never actually seeing. Shipleys Tax took the time to properly assess whether incorporation made sense for my specific situation — no hard sell, just honest advice. They modelled out ten years of projections, handled the entire restructuring including the SDLT planning, and now my portfolio is fit for the future. Genuine property tax specialists, not just accountants who dabble.”
Rashid — Leeds, Property Investor
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.”
Sabina — JL Healthcare
Inheritance tax mitigation and estate planning
“After losing my husband I was concerned about the inheritance tax exposure on our family estate. Shabeer took the time to properly understand our family situation before recommending anything. The advice I received on IHT mitigation was clear, practical and completely tailored to us — not an off-the-shelf solution. My children and grandchildren are now in a much better position and I have genuine peace of mind. I cannot recommend Shipleys highly enough.”
Louise — Leeds
Family Investment Company succession planning
“My family business had reached a point where I wanted to start bringing my children into ownership without giving up control or triggering a huge tax bill. Shipleys Tax designed and implemented a Family Investment Company structure that achieved everything I needed — I retain voting control, future growth passes to the next generation, and the inheritance tax position is now properly protected. Shabeer took the time to understand our family dynamics as well as the numbers, which was invaluable.”
James — Sheffield, Family Business Owner
GP practice incorporation
“Our GP partnership had been considering incorporation for years but no one could give us a straight answer on whether it was right for us. Shipleys Tax produced a detailed review of our specific circumstances, modelled out the tax savings over five years, and handled the entire incorporation process end to end. The transition was seamless and the tax savings have already exceeded their projections. A genuinely specialist firm that understands GPs.”
Gill — Manchester, GP Practice
HMRC tax investigation defence
“When HMRC opened an enquiry into my company, my existing accountants were completely out of their depth. A colleague recommended Shipleys Tax and within a week they had taken over the correspondence, identified the technical issues HMRC had got wrong, and put together a robust response. The case was closed within months with a fraction of the adjustment HMRC originally proposed. Their calm, experienced handling of what was a genuinely stressful time made all the difference. Having ex-HMRC Inspectors on their team was clearly a huge advantage.”
Dr Ahmed — Manchester, Private Practice Consultant
VAT reclaim for locum doctor agency
“We had been charging VAT on locum doctor supplies for years, assuming HMRC’s position was settled. When Shipleys Tax flagged the Isle of Wight tribunal decision to us, they didn’t just send a generic update — they actually reviewed our contracts, ran the numbers on partial exemption, and built a properly evidenced reclaim. The recovery was substantial and the process was completely painless on our side. The fact they understand both the VAT technical side and the commercial reality of running an agency made all the difference.”
Medical Staffing Agency — Yorkshire
Employee Ownership Trust exit
“I had built my company over 20 years and wanted an exit that looked after my staff rather than selling to a trade buyer who would strip it down. Shipleys Tax walked me through the Employee Ownership Trust route in detail — the pros, the cons, and honestly the complications too. They didn’t just sell me a product. When we went ahead they handled the entire transaction, including the HMRC clearance, and the result was exactly what I had hoped for. The team continues to thrive and my legacy is intact.”
David — Leeds, Business Founder
Going above and beyond
“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 someone 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 brilliant. 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.”
Bella
Latest news & blogs…
Electric cars – confused about your tax rates from April 2020?
Are you up-to-date on the new #Tax bands for low emission #CompanyCars? We’ve laid it all out here.
From 6 April 2020, new appropriate percentage bands – and new lower charges for low emissions cars – will apply for company car tax purposes.
From the same date, the way in which carbon dioxide emissions are measured is also changing. This means that in order to find the correct appropriate percentage for working out the taxable benefit of a company car, you will need to know whether the car was registered on or after 6 April 2020 or before that date, as well as the level of the car’s CO2 emissions.
As a transitional measure, with the exception of zero emission cars, the appropriate percentage for cars registered on or after 6 April 2020 is 2 percentage points lower than cars registered prior to that date for 2020/21 and one percentage point lower for 2021/22. The figures are aligned from 2022/23.
For zero emission cars, the charge is 0% for 2020/21, 1% for 2021/22 and 2% from 2022/23, regardless of the date on which the car is registered. The maximum charge is capped at 37%, and the diesel supplement applies as now.
More information will be needed to work out the appropriate percentage where the car’s CO2 emissions (however measured) fall in the 1—50g/km band. From 6 April 2020, this band is sub-divided into five further bands, each with their own appropriate percentage. The band into which the car falls depends on its electric range (also known as its zero emission mileage). This is the maximum distance that the car can be driven in electric mode without having to recharge the battery. The relevant bands are as follows:
- more than 150 miles
- 70 to 129 miles
- 40 to 69 miles
- 30 to 39 miles
- less than 30 miles
The greater the car’s zero emission mileage, the lower the appropriate percentage.
Splitting the 1—50g/km band introduces additional reporting requirements. The precise nature of those changes depends on whether car and fuel benefits are payrolled.
Payrolled benefits
Where car and fuel benefits are payrolled, information on cars provided to employees is submitted to HMRC on the Full Payment Submission (FPS), rather than on form P46(Car). From 6 April 2020, where an employee has a car with carbon dioxide emissions that fall within the 1—50g/km band, the car’s zero emission mileage must be reported to HMRC in the new field that will be available from that date.
P46(Car) changes
If car and fuel benefits are not payrolled, form P46(Car) provides the mechanism for letting HMRC know when an employee has been given a car for the first time or given an additional car. The form can be submitted in various ways – on paper, using the online service or PAYE online.
From 6 April 2020, the form will have an additional field for zero emission mileage which must be completed when providing an employee with a car with CO2 emissions in the 1—50g/km band. The deadlines for submitting the form are unchanged and are as shown in the table below.
| Period in which change took place | Deadline for reporting it to HMRC |
| 6 January to 5 April | 5 April (where electronic form used)3 May (where printed form used) |
| 6 April to 5 July | 2 August |
| 6 July to 5 October | 2 November |
| 6 October to 5 January | 2 February |
Confused about how to report low emission cars to HMRC after the changes in April? Not sure what how the benefit in kind tax works for you? Call us on 0114 275 6292 or email info@shipleystax.com.
Can you give shares to a family member?
IN MOST small family trading companies it is not unusual for the husband and wife to own all the shares. Where a family member works in the business they may wish to give them shares in the company as recognition for their input and hard work. At Shipleys Tax we look at the pros and cons.
Transferring shares isn’t as easy as it sounds. There are various taxes that need to be considered on a gift of shares to a family member, including income tax, capital gains tax, inheritance tax and stamp duty.
If an employee of a company receives “free” shares, for example, or if you make a gift of shares to a family member who works in the business, an income tax charge could arise on the market value of the shares gifted. If, however, it can be demonstrated that the transfer of shares is for reasons of family or personal relations, the income tax charge may be avoided.
A gift of shares to a family member is also a deemed to be a disposal of shares for capital gains tax purposes. As the gift is being made to a connected party, it is a deemed disposal at market value. In the case of a gifts it is typical that the person making the disposal receives no monies out of which to pay any capital gains tax which may arise (the gift is treated as a sale at market value). This could discourage family members from making gifts as part of any family tax planning mitigation exercise.
Therefore, capital gains tax is potentially payable on any gain arising even though no consideration is paid. However, providing certain conditions are met, it may be possible to reduce the capital gain on the shares gifted to Nil by way of gift relief. This allows the capital gain (and thus any tax liability) which is deemed to arise on gift of the shares at market value to be postponed. It does this by effectively transferring the capital gain to the recipient of the gift. To claim this relief appropriate submissions must be made to HMRC at the right time.
Stamp duty is also normally payable on the issue or sale of shares and is payable by the person receiving or acquiring the shares. However, if the shares are gifted and no consideration is paid, a stamp duty gift exemption relief can be claimed which is likely to reduce the stamp duty costs to nil.
For inheritance tax (IHT) purposes, a gift of shares to a family member would constitute what is known as a lifetime transfer. Based on current legislation, if you survive 7 years from the date of the gift, there should be no inheritance tax consequences on the transfer of shares to the family member. In the event of your death within 7 years of the gift, IHT relief may be available on the transfer providing certain conditions are met. This could also reduce any potential exposure to inheritance tax to Nil.
Before any transfer of shares takes place, we would recommend that you seek professional advice to ensure that the available reliefs are applicable to your particular circumstances and also to ensure that the various conditions for each tax relief are fulfilled.
If you are affected by any of the issues 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.
Inheritance Tax to be cut to 10%?
A group of MPs are calling for inheritance tax (“IHT”) to be abolished in its current form and replaced with a flat 10 per cent rate.
In a report last month by the All Party Parliamentary Group (“APPG”) on Inheritance Tax and Intergenerational Fairness, MPs recommended the government change the current system which was “complex, ineffective, riddled with anomalies, distortionary and unfair”.
The report suggests that most IHT reliefs should be abolished in favour of a flat rate system of 10 per cent rising to a maximum of 20 per cent on estates at death.
The report suggests that most IHT reliefs should be abolished in favour of a flat rate system of 10 per cent rising to a maximum of 20 per cent on estates at death. The MP’s cite evidence which seem to suggest that keeping the tax rate around 20 per cent disincentivizes tax planning and would result in less administration and tax avoidance.
However it is crucial to note that the APPG is an informal group of cross party MPs and House of Lord’s members with a common interest, as such it is certainly likely that nothing much will come of them. Even so, radical recommendations such as these can have an impact on government policy; especially where they have gained public traction. So it is certainly worth being aware of the proposals.
What Is Being Proposed?
- The APPG has proposed that inheritance tax, which is currently charged at 40% on estates worth more than £325,000 (£650,000 for married couples), should be replaced by a flat of tax of 10%, rising to 20% where the estate is valued at more than £2m.
- The majority of IHT reliefs, such as Business Property Relief (BPR) and Agricultural Property Relief (APR) would be abolished, in an attempt to simplify the tax.
- The spousal and charity exemptions would remain however.
- The uplift for Capital Gains Tax (CGT), whereby assets are rebased on death, would also be abolished.
- A gift tax would be brought in, with a 10% charge to tax on gifts over £30,000.
- The spousal and charity reliefs would remain however.
- The current 7 year rule system, where gifts made within seven years of death are brought back into tax for IHT purposes when someone dies, would be abolished.
Is Reform Needed?
The Office for Tax Simplification (the OTS) called for simplification of IHT in its report in July 2019.
There is a perception that the very rich are able to avoid this tax through the use of tax planning…
At present, it is estimated that fewer than 5% of estates pay inheritance tax and there is widespread dislike of the tax among the public. There is a perception that the very rich are able to avoid this tax through the use of tax planning, whilst families whose wealth is mainly tied up in their home cannot.
The Residence Nil Rate Band, the additional allowance that was introduced in 2017, allows individuals to have a higher tax free allowance when they pass on wealth in their home to their descendants. However, it is argued that this system is unnecessarily complicated and discriminates against those who do not have children or who do not own residential property.
So What’s Next?
It is likely that there will be a full consultation process before any reforms are implemented, so any changes probably won’t take effect for some time. It will however be interesting to see whether any changes are announced in the Budget on March 11 2020.
If you have any questions on how to changes could affect you, please contact us on 0114 275 6292 or email info@shipleystax.com..
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