Your Expert Guide to UK Taxes for Businesses & Individuals

Taxation can be complex, confusing, and—let’s be honest—a bit overwhelming. Whether you're a small business owner, a tech startup founder, a sole proprietor, or planning for retirement, understanding taxes is crucial to keeping more of what you earn and staying compliant with HMRC.

That’s why I’ve created this blog—to break down tax laws, uncover tax-saving opportunities, and provide clear, practical advice for people like you. No jargon, no unnecessary complexity—just straightforward insights from an experienced accountant.

〽 Explore the latest tax strategies, industry updates, and expert tips—all written by me, Imran Khakwani.

〽 Understanding the UK Tax System

The UK tax system is divided into two main categories:

Direct Taxes – These are taxes applied to earnings and profits, including:

• Corporation Tax – Paid by businesses on their profits.
• Income Tax – Paid by individuals on salary, self-employment, and other income.
• Capital Gains Tax (CGT) – Charged on profits from selling assets like property or shares.
• Inheritance Tax (IHT) – Applies to estates over a certain value.

Indirect Taxes – Charged on goods and services, such as:

• Value Added Tax (VAT) – A tax applied to most goods and services.
• Stamp Duty – Paid when purchasing property or shares.

〽 In my blog, I break down each of these taxes into simple, actionable insights.

〽 Key UK Tax Rates & Allowances (2024-25)

Staying on top of tax rates is essential for smart financial planning:

• Corporation Tax: 19% (profits under £50,000) – Up to 25% (profits over £250,000).
• Income Tax: 20% (basic rate), 40% (higher rate), 45% (additional rate).
• Capital Gains Tax: 10% for basic-rate taxpayers, 20% for higher-rate taxpayers.
• VAT: 20% standard rate, 5% reduced rate, 0% on essential goods.
• Inheritance Tax: 40% on estates valued above £325,000.

〽 Not sure how these tax rates affect you? My blog explains it in everyday language, with real-world examples.

〽 Tax Credits, Allowances & Reliefs – Don’t Overpay!

Many business owners and individuals miss out on valuable tax reliefs simply because they don’t know they exist. Some of the most important ones include:

• Annual Investment Allowance (AIA) – Tax relief on business expenses.
• R&D Tax Credits – Claim back tax for investing in innovation (ideal for tech startups!).
• Personal Allowance – Earn up to £12,570 tax-free.
• Entrepreneurs’ Relief – Reduce capital gains tax when selling your business.

〽 My blog uncovers the lesser-known allowances that could save you thousands.

〽 Who Will Benefit from This Blog?

I write for people who want clarity, actionable advice, and a no-nonsense approach to tax. If you fall into one of these categories, you’re in the right place:

✔ SMEs & Owner-Managed Businesses – How to legally reduce tax burdens and keep more profit.
✔ Technology Startups – Maximize R&D tax credits and structure your business tax-efficiently.
✔ Sole Proprietors & Freelancers – Easy-to-follow guides on self-assessment, VAT, and expenses.
✔ Retirees & High Earners – Smart strategies to reduce inheritance tax and pension-related taxes.

〽 No matter your financial situation, my blog helps you make informed decisions that impact your bottom line.

〽 Useful Taxation Resources

To ensure my readers get the most reliable and up-to-date tax guidance, I also reference these key resources:

? HMRC Official Website
? Corporation Tax Guide
? Self-Assessment Guide
? VAT Information
? R&D Tax Credits
? Inheritance Tax Planning

〽 Bookmark these pages and stay informed with my blog for real-world applications!

〽 Why Read My Blog?

I’ve been helping businesses and individuals navigate UK taxation for over 16 years. This blog is where I share the knowledge I’ve gained, not just from theory but from real-life case studies and first-hand experiences.

? What you’ll get here:

• Practical tax-saving tips you can apply immediately.
• Step-by-step guides to complex tax issues.
• Exclusive insights into how tax laws impact small businesses and individuals.
• A place to ask questions—I respond to comments and share personalized advice.

〽 Stay ahead of tax changes and get expert insights—straight from me, Imran Khakwani.