More time to prepare for Making Tax Digital for Income Tax Self-Assessment The mandatory use of software for Making Tax Digital for Income Tax Self-Assessment is now being phased in from April 2026. Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) was due to be phased in from April…
HMRC will be changing the way they assess profits for sole traders and partnerships. Previously, if you had a year-end between the 6th April and 30th March you were taxed on the profit made on your year-end accounts that falls into a set tax year. This will now change so…
HMRC is reminding their Self-Assessment taxpayers that they must declare COVID-19 payments in their tax return for the 2021 to 2022 tax year. More than 2.9 million people claimed at least one Self-Employment Income Support Scheme (SEISS) payment up to 5 April 2022. These grants are taxable and should be…
You will probably be aware that Making Tax Digital (MTD) became compulsory for all VAT registered business (regardless of turnover) in April of this year. The new rules require all qualifying businesses to use HMRC compliant software such as Intuit QuickBooks, Xero, Sage, Dext with Receipt Bank or FreeAgent, etc.,…
Prime Minister Candidates and Possible Tax Cuts With the departure of Boris Johnson, the contenders as leader of the Conservative Party and Prime Minister (PM) have now been whittled down to the last two – Rishi Sunak and Liz Truss. Whoever wins will need to appoint a new chancellor and…
In this month’s ‘Tax Update’ there’s information about Childcare Accounts, SEISS Grant Penalties and Tax Returns, Making Tax Digital and Research & Development.