Domestic items relief
Relief for replacement domestic items
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
May 11, 2024
Finance & Accounting>VAT Registration
VAT Thresholds Registration and Deregistration Guidelines
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.
May 7, 2024
Self Assessment Tax Returns
A Guide to HM Revenue and Customs Self-Assessment Login
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.
May 6, 2024
Finance & Accounting>Company Car
Taxation of company cars in 2024/25
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
May 4, 2024
Finance & Accounting>VAT
VAT records what do you need to keep?
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
May 3, 2024
Extracting profits
Extracting profits in 2024/25
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
May 2, 2024
Accountant In Hounslow
Pro-taxman is your trusted partner for expert accounting services in Hounslow
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
April 25, 2024
Finance & Accounting>VAT
The confusion surrounding the VAT reverse charge
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
April 22, 2024
Self Employed
Training costs and the self-employed
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
April 20, 2024
Finance & Accounting>Child Benefit
Reform of the High-Income Child Benefit Charge
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
April 16, 2024
Individual Savings Accounts
Make the most of your ISA allowance
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
April 15, 2024
Finance & Accounting>Income Tax
Income tax rates and allowances for 2024/25
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
April 13, 2024
NIC
NIC cuts and what they mean for you
As widely predicted, in his 2024 Spring Budget, the Chancellor announced a 2% cut in the main rates of Class 1 and Class 4 NIC.
April 10, 2024
Business rates
Business rates for 2024/25 and changes to empty property relief
Business rates, rather than council tax, are payable on non-domestic properties. The rates are worked out by applying the relevant multiplier to the property’s rateable
April 6, 2024
SDLT Purposes
End of multiple dwellings relief for SDLT
As announced at the time of the Spring Budget, multiple dwellings relief for stamp duty land tax (SDLT) is to be abolished from 1 June
April 4, 2024
Residential Property Gains
Capital gains tax on residential property gains
For capital gains tax purposes, residential property gains have their own, harsher, rules. Not only is taxed charged at a higher rate, but taxpayers also
April 3, 2024
CGT trap
Inflationary gains and the CGT trap
The current capital gains tax rules do not provide any relief for inflationary gains. This can mean that when an investment property or second home
March 21, 2024
Investment property
Calculating the capital gain on the sale of an investment property
Rising interest rates have forced many landlords to sell up. When selling an investment property, capital gains tax is payable at the residential rates to
March 19, 2024
Splitting a company
Splitting a company –Tax efficiently
Most private companies start as sole owner-managers; roll on a few years and some will have grown such that family members may also work for
March 18, 2024
Rental Income
Boost your income by letting out your spare room
As the cost-of-living crisis continues to bite, the idea of earning tax-free income is appealing. If you have a spare room, you can make this
March 16, 2024