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IR35 and off-payroll working – What to do from 6 April 2021 if you provide services through an intermediary

Prior to 6 April 2021, workers who provide their services to a private sector organisation through an intermediary, such as a personal service company, need to consider whether the IR35 rules apply to them. This will be the case if the nature of the engagement is such that if they provided their services directly to …

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Landlords – Don’t overlook these common deductible expenses

As a landlord, the lower the taxable profit from your property rental business, the less tax you will pay. As allowable expenses are deducted from rental income to arrive at the profit figure, it is important that you do not overlook any expenses which you have incurred and which can be deducted when working out …

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Small Business Tax Filing Services – Tax Strategies To Minimise Your Tax Bill

Looking for Small Business Tax Filing Services? At Pro-Taxman, we offer tax advise on a range of key tax and financial planning issues. Here we consider strategies to help you to minimise your tax bill, maximise your profitability and boost your wealth. The impact of the COVID-19 pandemic has presented the UK with major challenges, …

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Tenant in common v joint tenants – What is the difference and does it matter?

Under English law, there are two ways in which property can be owned jointly – as tenants in common or as joint tenants. The way in which the property is owned can have tax implications. Tenants in common Where a property is purchased as tenants in common, each owner owns a specified share of the …

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Why Choose Pro-Taxman?

Pro-taxman Accountants and tax advisors are a sole owner accountancy practice based in Hounslow. We specialize in helping start-ups and small business owners in Hounslow, Twickenham, and surrounding areas, realize their full potential. As you would have gathered, we’re not like any other accountancy firm. We care dearly about our clients and make proactive efforts …

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Sale of a second home or investment property – Reporting the gain and paying the tax

Unlike a gain on the sale of a main residence, which qualifies for private residence relief (as long as the associated conditions are met), any gain that arises on the sale of a second home or an investment property (such as a buy-to-let property) will be liable to capital gains tax. Since 6 April 2020, …

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The role of the Adjudicator’s Office

The Adjudicator’s Office (AO) was created in 1993 as an independent tier of complaint handling about the Inland Revenue (now HMRC) and the Valuation Office Agency (VOA) other governmental departments joined later including The Insolvency Service in 2003. Under their role as an independent adjudicator, it is currently reviewing the Home Office (HO) decisions on …

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Use of a Family Investment Company

Family Investment Companies (FIC) offer a tax efficient way to retain control over assets and still pass them on to the next generation. By providing a degree of flexibility they can be ‘fine-tuned’ to a family’s particular circumstances or requirements e.g. by drafting the company’s articles in such a way as to prevent the transfer …

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‘Normal gifts out of income’

The Oxford English Dictionary defines the word ‘normal’ to mean ‘conforming to a standard; usual, typical, or expected’. A minor, often misunderstood inheritance tax (IHT) gift exemption uses this definition of ‘normal’ whereby payments made (however large) are deemed to be inheritance tax-exempt transfers. To succeed, it needs to be shown that the payment represents …

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Legal v illegal dividends

Changed business conditions in light of the Coronavirus pandemic have caused many companies to review their dividend policies not least because the company’s financial position may have deteriorated significantly from that shown in its last annual accounts. The Companies Act 2006 requires that a dividend be paid only if there are sufficient distributable profits. Even …

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