Corporation tax is a tax on the profits of limited companies and other organizations, including clubs, societies, associations, and other unincorporated bodies. Here’s an overview
The nil rate band is the amount that a person may leave free of inheritance tax. Each person has their own nil rate band, which
Efficient tax management is critical for both businesses and individuals and communicating with HM Revenue and Customs (HMRC) is an important component of this. Logging
HMRC have revealed that every year lots of simple errors are made in tax returns in relation to capital gains tax which result in the
Choosing between operating as a sole trader or forming a limited company is a critical decision for any entrepreneur. Each business structure has its own
Furnished holiday lettings (FHLs) enjoy tax advantages not available to landlords letting residential property on long-term lets. The advantages are particularly beneficial when it comes
The tax implications of a Director’s Loan Account in the UK can be significant and require careful consideration to ensure compliance with HM Revenue and
Partnerships exist in either ordinary format or as limited liability partnerships (LLP). An ordinary partnership is legally defined by the Partnership Act 1890 and is
Landlords letting residential property are not entitled to a deduction for the cost of the domestic items that they provide in the property. They are
The VAT registration threshold rose from £85,000 to £90,000 from 1 April 2024. The deregistration threshold increased from £83,000 to £88,000 from the same date.
HM Revenue and Customs (HMRC) self-assessment login is an essential tool for individuals and businesses in the United Kingdom to manage their tax affairs efficiently.
A taxable company car benefit arises where an employee has the private use of a company car. Unless the car is an electric car, a
If you are registered for VAT, you will need to keep normal business records. The records must be complete, up to date and sufficient to
If you run your business as a personal or family company, you will need to extract your profits in order to use them personally outside
In the dynamic business landscape of Hounslow, Pro-taxman stands out as a beacon of excellence in accounting and tax advisory services. Specializing in helping small
VAT can be confusing at the best of times, with the reverse charge being arguably one of the more complex applications. It does not help
A sole trader or proprietor of an unincorporated business may incur training costs. The tax treatment of those costs depends on whether the costs are
The High-Income Child Benefit Charge (HICBC) is a tax charge that operates to claw back child benefit where the claimant and/or their partner have adjusted
Rising interest rates mean that individuals may now be paying tax on their savings income which previously they received it tax free. Where this is
The 2024/25 tax year starts on 6 April 2024. Although many of the rates and thresholds are the same as for 2023/24, there are some
Copyright © 2025 Pro-Taxman. All rights Reserved.
