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...
July 2021 Update – featuring additional news developments from our newsletter series. Stay informed with the latest news in business support and financial affairs. Key Dates Coming Up Payment on Account Due – 31st July If you have a tax payment on account, remember to make your payment on time, which is due by midnight on 31st July Employee Furlough Contributions Rise – 1st August...
Members of the G7 have signed a breakthrough tax reform deal, to establish a minimum global corporation tax, for the first time. The aim of the tax reform deal is to address tax avoidance by some of the world’s biggest multinational trading companies. G7 Summit 2021 The Group of Seven (G7) is an informal club of wealthy “liberal democracies” consisting of Canada, France, Germany, Italy,...
February 2021 News Update – featuring additional news developments from our newsletter series Stay informed with the latest news in business support and financial affairs. We eagerly await the forthcoming budget on 3 March. The latest budget speculation reported by the media is a potential ‘stealth’ tax rise, by freezing current thresholds, as opposed to raising them in line with inflation. For now we can...
Budget day expectations are usually highly anticipated with much speculation in the weeks leading up to it. This year however we are witnessing an absolute clamour for information from a Treasury under pressure for a sustained, rapid response, to continually unfolding events. So here is what to expect on budget day. Support packages will remain a hot topic. Last year’s budget on 11 March 2020,...
December 2020 News Update – featuring additional news developments from our newsletter series Wishing you a Very Merry Christmas. Prestige Business Management will be closed between 24th December- 3rd January. Welcome to our news update We will help keep you informed of the latest news, developments in business support and financial affairs. On 25 November 2020, the Government published Spending Review 2020. As part of...
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...
In the wake of the Covid-19 global pandemic follows a financial crisis in the making and a huge question is how will the government manage the £300bn deficit? Covid-19 has caused a seismic economic shock and the aggregation of a staggering national debt with the bill rising by £20bn in a fortnight as tax revenue dwindles and state spending soars to head off economic meltdown....
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