If you’re self-employed or you rent out property, and your income from those adds up to more than £30,000 a year, Making Tax Digital for Income Tax is heading your way. From 6 April 2027 you’ll need to keep digital records and send HMRC a short update every three months, instead of doing everything once…
Making Tax Digital for Income Tax is coming — and for many self-employed individuals and landlords, it will fundamentally change how tax reporting works. If you currently submit a Self-Assessment tax return once per year, the new rules will introduce digital record keeping, quarterly reporting, and new compliance requirements. The good news? With the right…
When you first start trading, you’ll quickly realise that corporation tax is one of the most crucial taxes to compute and pay. Hopefully, this article will assist you in comprehending the following: How is corporate tax calculated? When and how to file a business tax return? When must this tax due be paid? Limited firms…
Effective credit control is the backbone of a financially healthy business. It ensures that customers pay on time, maintains cash flow, and helps prevent bad debts. Without a proper credit control system in place, businesses can struggle to meet their own financial obligations, leading to operational challenges and even insolvency. Below, we explore why credit…
HM Revenue and Customs (HMRC) is today warning customers not to share sensitive personal information online to avoid their identities being used to commit tax fraud. HMRC is aware that criminals are attempting to obtain customers’ Government Gateway logins and other personal details, enabling them to register for Income Tax Self Assessment and submit bogus…
The UK government’s Making Tax Digital (MTD) initiative is transforming the way individuals and businesses report and pay tax. HMRC launched this program to modernise the tax system, improve efficiency, and reduce errors. While MTD has already been rolled out for VAT, the next major step is Making Tax Digital for Income Tax Self Assessment…
HMRC are wavering late filing fee’s until 28th Feb 2022. If you can not file by 31st Jan 2022, you will have until 28th Feb 2022 to file and pay any tax due. BUT interest will be payable from 1st Feb 2022 so as usual it is still better to file and pay on time….
Flexibility in the way you work Imagine on a sunny day you no longer need to be stuck in the office! You can do your accounts from any location that has an internet connection. Not only had that, within your office you don’t have to decide who will have the cloud accounting software loaded on…
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Making Tax Digital (MTD) for income tax will not be mandated until April 2020 at the earliest and many details of the requirements are still unknown. MTD for income tax will apply to the self-employed, Partnerships and to those who have income from property. Most of this legislation at present is still in the drafting…