The government is pressing ahead with Making Tax Digital (MTD) for Income Tax – and it will affect many sole traders and landlords over the next few years. Here’s what’s changing, when it’s changing, and how to get ready. What is MTD for Income Tax? Under MTD, sole traders and…
Welcome to the July Tax Update. In this issue we take a look at the government targeting unpaid tax, extracting funds from a business, childcare accounts, salary sacrifice, MTD on jointly help property, VAT on private tuition, and dates on the Accounting Horizon. Government Targets £7.5 Billion in Unpaid Tax…
Government Targets £7.5 Billion in Unpaid Tax The government has announced plans to raise an additional £7.5 billion by stepping up efforts to close the tax gap – the difference between the tax HMRC expects to collect and what is actually paid. Figures published on 19 June show that £46.8…
Welcome to the May Tax Update. In this issue we take a look at the upcoming changes to Making Tax Digital for Income Tax, changes to the taxation of Non-UK Domiciled Individuals, Holiday Lettings and Property, VAT on Food or Confectionery; and events on the accounting horizon. MTD for Income…
Welcome to our May Tax Update In this edition we take a look at beta testing for MTD for Income Tax, guidance on work travel, official rate of interest, investing in an unquoted trading company and upcoming Accounting Events. WANT TO BE PART OF BETA TESTING OF MTD FOR INCOME…
All VAT-registered businesses must use #MTD for #VAT for their first VAT return period that starts on or after 1st April 2022. For anyone unsure about this, we can help to choose the software that is right for you.