The Government has announced that Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) will now be mandated to start from April 2026, instead of April 2024. The government recognises that businesses and self-employed individuals alike are facing a challenging economic environment, and that the forthcoming transition to MTD for ITSA for the self-employed and small landlords represents a significant change for taxpayers,...
If you employ the services of an accountant, have you considered whether you are getting the best value for money? Not every accountant offers the same quality of service, for every type of business. Here we explore how you know you are getting the best services from your accountant, plus when and how to change accountants. What does your Accountant do? Every business needs accounting...
A recession occurs when gross domestic product (GDP) shrinks during two consecutive quarters. Official figures report that GDP shrank by 0.2%. A second consecutive quarter of negative growth, will technically place the UK in a period of recession. Fortunately there are steps you can take to recession proof your business. How to Recession Proof Your Business Beyond these figures, UK businesses are already feeling pressure...
The government has recently confirmed that Making Tax Digital (MTD) will apply to income tax self assessment (ITSA) from 6th April 2024. This includes all unincorporated businesses. This applies to sole traders, partnerships and landlords, who file their taxes via self assessment, and are earning over £10,000. MTD for ITSA Start Date Confirmed On 23 September parliament legislated this new start date for MTD for...
Everyone can appreciate good record keeping. Especially your accountant, plus it could save you lots of time when you come to file your tax return and save you money on your tax bill if you keep a tax record in good order. Good record keeping is also helpful if HM Revenue and Customs (HMRC) wants to ask any questions. Here we outline what you need...
The government confirmed in November 2020 that Making Tax Digital (MTD) will be extended to apply to corporation tax. It was announced that MTD for corporation tax will come into practice in 2024 and will be enforceable from 2026. Making Tax Digital (MTD) makes it mandatory for businesses to keep digital accounting records and complete their VAT submissions to HMRC via an Application Programme Interface...
After a record breaking, roller coaster year in 2020, what can we now expect in 2021? After so much rapid unpredictability, there are now some things we can count on with more certainty. Here we examine what we know so far. A Rise in National Living Wage from 6 April 2021 The national living wage will be extended to 23 and 24-year-olds for the first...
We can expect major tax reform in the new year as we head towards a new economic climate. The Treasury is clamouring to answer how will the government manage the £300bn deficit? Which is forecast for the current fiscal year. As we bear witness to the unfolding financial crisis resulting from the pandemic, tax reform is becoming increasingly necessary. Tax reform could provide the Treasury...
August 2020 News Update – featuring additional news developments from our newsletter series The second round of SEISS grants is open for applications from Self-Employed workers and can be accessed between 17th August until 19th October. Furthermore eligibility has been extended to new parents. Over 860,000 ‘Bounce Back Loans’ have been issued since the Coronavirus Business Interruption Loan Scheme opened in May, with new applicants...
Now is the best time to make sure you are covered by our Tax Enquiry Protection Insurance against an HMRC Investigation. We’ve heard Chancellor Rishi Sunak state in his 2020 Budget that “The government is investing in additional compliance officers and new technology… enabling HMRC to further reduce the tax gap.” Likely with an uptick in tax investigation. Following the outbreak of COVID-19 in...
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