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reliable tax advisor near me

Top Tips To Choose A Reliable Tax Advisor

Looking for a reliable tax advisor? Want help with your Tax Filing or Self Assessment? Do you want someone who can help you with all your tax queries? You are at the right place. Pro-Taxman Tax Advisors specialise in tax planning, and handle all tax compliance areas including business tax, PAYE, National Insurance, VAT and …

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Doing up properties – Are you trading?

There can be money to be made buying a property in a dilapidated state, renovating it, and selling it for a profit. However, when it comes to tax, it is important to know whether the ‘profit’ element is a capital gain or a trading profit. This will determine how it is taxed and at what …

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Can you claim business asset disposal relief on the sale of the holiday let?

Furnished holiday lets benefit from a number of tax advantages which are not available to landlords of residential lets. One of the main advantages is the opportunity to benefit from Business Asset Disposal relief (BADR) on the sale of the property, paying capital gains tax at only 10% above the annual exempt amount rather than …

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Property repairs and maintenance – what can you deduct?

Anyone who owns a property will need to carry out repairs and maintenance from time to time. Where the property is let out, the question arises as to whether the landlord can deduct the expense in calculating the profits of their property rental business. What is a repair? A distinction is drawn between repairs and …

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Hospitality and Leisure Business

Discover how the reduced VAT scheme works for hospitality and leisure businesses

Reduced rate of VAT for hospitality and leisure The hospitality and leisure industries have been severely affected by the Coronavirus pandemic. To help businesses in these sectors to get back on their feet, a reduced rate of VAT of 5% rather than the standard rate of 20% will apply to certain supplies for a limited …

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Property rent free

Have you reduced your rent or let family and friends stay in one of your properties during the pandemic?

Tax implications of uncommercial lets There are various circumstances in which a landlord may let a property at rate which is below the current market rate or, indeed, allow the property to be used rent-free. For example, during the Covid-19 pandemic, landlords may have agreed a reduced rent with tenants who are struggling financially and …

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Taxable Benefits

Employers have until 6 July 2020 to tell HMRC about taxable benefits and expenses provided to employees in 2019/20. Find out more…

Reporting expenses and benefits for 2019/20 Employers who provided taxable expenses and benefits to employees in 2019/20 need to tell HMRC about them by 6 July 2020, if they have not opted to tax them via the payroll. Non-payrolled taxable expenses and benefits are reported to HMRC on form P11D. Employers must also file a …

Employers have until 6 July 2020 to tell HMRC about taxable benefits and expenses provided to employees in 2019/20. Find out more… Read More »

If you have a holiday let but are worried you won’t meet the occupancy test this year, all is not lost. There are two routes by which it may be possible to reach the required occupancy threshold – an averaging election or a period of grace election.

Furnished holiday lettings – What can you do if you fail to meet the occupancy tests due to the Covid-19 pandemic? Lets that qualify as furnished holiday lettings (FHL) enjoy special tax rules compared to other types of let, allowing landlords to benefit from certain capital gains tax reliefs for traders and to claim plant …

If you have a holiday let but are worried you won’t meet the occupancy test this year, all is not lost. There are two routes by which it may be possible to reach the required occupancy threshold – an averaging election or a period of grace election. Read More »

Reporting employment income earned abroad on a self assessment tax return

Pro-taxman in Hounslow strongly advises that you initially need to determine your residency status for the tax year in question. This is decided using the ‘Statutory Residence test’. Assuming you were working abroad for 4 months, you would therefore have been resident in the UK for more than 183 days and as a result considered …

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What to do if you need to change your tax return

You made it and filed your self-assessment return for 2018/19 by the 31 January 2020. However, having felt pleased with yourself, you realise to your horror that you have made a mistake and need to correct your return. Can you do this and if so, how and by when? Yes, you can If you have …

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