Making Tax Digital for income tax self-assessment (MTD for ITSA) was originally set to roll out in 2018, but the road to personal tax digitalisation has been relatively rocky to date. While the Government successfully introduced MTD for VAT for returns starting on or after 1 April 2022, MTD for ITSA has been postponed five[…]
The UK government’s Making Tax Digital (MTD) initiative has been a topic of discussion for many small business owners and self-employed individuals since it was first announced in 2015. The goal of the MTD system is to modernize the tax system. Additionally, it should improve efficiency by requiring businesses to keep digital records and file[…]
After much anticipation from accountancy bodies and businesses, HMRC has finally updated its guidance on Making Tax Digital (MTD), filling in several blanks. HMRC updated some of its informational pages on GOV.UK in late August, including fresh information on how to meet the requirements for MTD for income tax self-assessment (ITSA) and how to sign[…]
People are unprepared and unenthusiastic for Making Tax Digital (MTD), according to a survey commissioned by HMRC. Global market research group Ipsos recently released data suggesting a lack of preparation for MTD. They said “awareness of MTD in general, and MTD for income tax self-assessment (ITSA) specifically was low”. MTD ITSA will require people with[…]
HMRC recently announced new powers to carry out investigations on companies they suspect of evading taxes. As a business owner, you might be worrying about what happens if your company comes under scrutiny. Even if you’ve played entirely by the rules, the stress of an investigation can be a lot to deal with. Even more[…]
All VAT-registered businesses must comply with Making Tax Digital (MTD) rules, regardless of how much they make each year. This will take place from 1 April 2022. The changes mean all VAT-registered businesses must compile and submit VAT returns using software that connects to HMRC’s systems. They can do that through a bridging tool or[…]
Last month it was announced that plans for two new penalties regimes would come into effect in January 2023. These were due to be implemented in April 2022 but have since been deferred. As a business owner, you’ll need to know whether this will change the way you do your VAT. This blog aims to[…]
Making Tax Digital for income tax (MTD for ITSA) looks certain to affect sole traders and landlords from April 2024. This is following the recent news of a one-year delay This was the latest in a long line of delays and deferrals in the rollout of MTD. It was first proposed by then-Chancellor George Osborne[…]
Many people in business come to us asking for help with tasks that usually result in time slipping through their fingers, because of their often-onerous nature to the layman. If that rings true with you, it might be time to consider offloading some of that work outside of your expertise in order to give yourself[…]
Unincorporated businesses could be about to see significant changes to the ways in which they are taxed. This is following the launch of a Government consultation. The Government plans to reform the basis period rules in a bid to simplify how unincorporated businesses, such as sole traders and business partnerships, allocate trading profits to tax[…]