Making Tax Digital for Income Tax (ITSA) Some of you may remember Making Tax Digital for VAT, introduced in April 2019, which required all VAT registered businesses to report their VAT returns through digital software.   Up until now, some VAT registered businesses have continued to use manual records and used the HMRC portal to file…

Yesterday’s statement was supposed to be an economic update not a mini-budget. Lots of rather depressing, but not altogether surprising, statistics, such as the highest rate of inflation in 30 years, and the level of debt and growth being re-forecasted downwards. However, we were delighted to see that among the measures introduced by the Chancellor,…

No, we are not referring to the BBC programme “This is going to hurt!” – instead we are referring to the Health and Social Care Levy (HSCL) which was announced in the last budget and is coming in from April 2022. This is a new tax which the government has set up to help fund…

On Tuesday, HMRC issued a press release urging people not to share details of their personal tax accounts with anyone.   this has also been shown on today’s Google News and is on the front page of HMRC’s gov.uk website. https://www.gov.uk/government/news/hmrc-urges-caution-as-fraudsters-seek-to-hijack-personal-tax-accounts Please be particularly vigilant at the moment.  

The end of the tax year is getting nearer – is there any action you need to take? If you are a sole trader or partnership with a 31st March or 5 April year end, now is perhaps a good time to look at your profits to see if there is any scope for some…

For those of you familiar with Dante’s Inferno, you will be aware of the seven deadly sins of Wrath, Sloth, Lust, Greed, Pride, Gluttony and Envy. We have just read a great article written by Rebecca Cave, the consulting tax editor for Accounting Web, from 4th February 2022, which gives a new slant on the…

Happy New Year.   Let’s hope 2022 is a much better year for everyone. Amid the mayhem of self assessment tax returns, the New Year is also the time for looking back at the old year and reviewing things. With this in mind, we have reviewed and updated our standard terms and conditions of business, specifically…

You could be forgiven for being a bit disappointed with the content of the Budget – not an awful lot of surprises in it and of course much of it leaked beforehand! One of our partners, Freeagent, has put together key points of the announcement so you can click on the link below. https://www.freeagent.com/blog/autumn-budget-2021 The…

You will no doubt be aware that the Prime Minister, Boris Johnson, announced that he will be putting more funding for the NHS and Social Care.  This change is being introduced to help the NHS and Social Care recover from the Coronavirus pandemic. This funding will be done through a new social care levy, which…

Following on from our post on Making Tax Digital for Income Tax at the beginning of September, we are delighted to announce a reprieve!!.. The government has delayed the start of MTD ITSA to 6 April 2024, with MTD for general partnerships postponed to 2025. The change to the tax year basis has also been…