Making Tax Digital for Income Tax regime extended to smaller businesses The Spring Statement announced that Making Tax Digital for Income Tax (MTD for IT) regime will be further extended to smaller businesses. Read on to see how and when your business might be affected. What is MTD for IT?…
What could this mean for you? Last week, the tax minister responsible for HM Revenue and Customs (HMRC), James Murray, delivered a speech marking the 20th anniversary of HMRC. Previously, the UK’s tax authority was known as Inland Revenue. During the speech he highlighted some simplifications that are planned. Of…
As the UK tax year-end approaches on 5 April, it’s an excellent time for you to review your business finances and explore tax planning opportunities, particularly if you are self-employed. Tax planning can help you to reduce tax liabilities, boost your cash flow and put you in a stronger financial…
Happy New Year everyone! In this edition we take a look at getting ready for Making Tax Digital, the Corporate Tax Roadmap, Payrolling Benefits in Kind, an HMRC scam warning and upcoming dates on the accounting horizon. GET READY FOR MAKING TAX DIGITAL FOR INCOME TAX Prior to the Autumn…
Spread the cost of your Self-Assessment tax bill with HMRC’s Time to Pay With the holidays and end of the year fast approaching, it’s a good time to plan your finances for the new year. For those who file Self-Assessment tax returns, the prospect of having to make a heavy…
HM Revenue and Customs (HMRC) has issued a press release clarifying some common myths about whether or not someone needs to register to complete a self-assessment tax return. The basic requirement is that anyone who needs to complete a self-assessment return for the first time to cover the 2023-24 tax…
HM Revenue & Customs (HMRC) has released figures showing that 295,250 Self-Assessment tax returns were filed in the first week of the new tax year. Almost 70,000 were filed on the first day – April 6th. This seems to suggest an increasing trend for filing tax returns early. Last year,…
Are you eligible for a £252 saving on your tax bill? With the tax year ending on 5th April, March is a good month to check whether sharing unused tax allowances with your partner could save you some money. HMRC says that March is the most popular month for Marriage…
In recent weeks there has been a flurry of online activity discussing the new law that will require online marketplaces to report information about income made by their users to HMRC. The discussion has led to many people asking questions such as “Will I have to pay tax on the…
HMRC approve tax bill payment plans for 44,800 taxpayers HM Revenue and Customs have announced that nearly 44,800 people have sorted their upcoming 31st January tax bill by setting up a payment plan. HMRC provide the option of a monthly payment called Time to Pay (see link below). Provided taxpayers…