The deadline for Making Tax Digital (MTD) has been extended by two years to April 2026. However, nothing has changed when it comes to the immediate benefits of going digital. We’re strongly encouraging landlords and sole traders to make the switch to MTD compliance...
This blog focuses on the business related taxes main points of Chancellor’s Jeremy Hunt first Budget to Parliament, or Spring Budget, presented on15 March 2023. BUSINESS TAXES National Insurance Contributions (NIC) for the self-employed in 2023/24 Self-employed...
HMRC’s Making Tax Digital (MTD) initiative commences from April 2024, and we’re helping our clients prepare for its arrival by setting out the best practices for the transition. Getting ahead of the curve now will have long-term benefits; setting yourself up on the...
Making Tax Digital (MTD) for VAT has been with us since April 2019, with the extension to all VAT registered businesses from April 2022. The next roll-out will be the introduction of MTD for income tax which is scheduled to start in April 2024. The obligation to keep...
HMRC have issued new guidance on the penalties that they impose for non-compliance with the Making Tax Digital (MTD) for VAT rules. In particular, there is a penalty of up to £400 for every VAT return a business files without using ‘functional compatible software’. ...
CAPITAL ALLOWANCES ON PLANT IN RESIDENTIAL PROPERTY The capital allowance legislation specifically denies tax relief for plant and machinery installed in a dwelling house. However, plant and machinery installed in the common areas of blocks of flats such as hallways,...
