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Tag: <span>Making Tax Digital</span>

TAX ALERT! For Sole Traders and Partnerships

TAX ALERT! IF YOUR YEAR END IS NOT 31st MARCH HMRC will be changing the way they assess profits for sole traders and partnerships. One of the lesser published points is that everyone is going to have to have a 31st March/5th April year end – if your year-end is not already…

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Changes to the VAT Online Account

From Monday 15th May 2023, unless you are already using Making Tax Digital (MTD) compatible software, you will no longer be able to use your existing VAT online account to file manual VAT returns. That is because by law, all VAT-registered businesses must now use Making Tax Digital (MTD) compatible…

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Tax Update - February 2023

Tax Update February 2023

Welcome to the February 2023 Tax Update! In this edition we look at the delay to Making Tax Digital – again! The new VAT penalty regime, 130% Super Deduction ending soon, changes to R&D this April and key dates on the Accounting Horizon. Making Tax Digital for Income Tax Delayed…

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Government Delays MTD for ITSA

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…

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Self-Assessment: Declare your COVID-19 payments

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…

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Making Tax Digital for Property Landlords

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.,…

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Tax Update – August 2022

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…

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Making Tax Digital – Working Towards April 2024

MTD for income tax – Quarterly information to be reported by businesses Making Tax Digital (MTD) for Income Tax will apply to sole traders, property landlords and certain other businesses with gross turnover and/or property income over £10,000 a year and will commence in April 2024. The system will then…

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Tax Update – July 2022

In this month’s ‘Tax Update’ there’s information about Childcare Accounts, SEISS Grant Penalties and Tax Returns, Making Tax Digital and Research & Development.

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