Making Tax Digital Update – Income Tax

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...

Tax Newsletter Updates for October

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,...

BIG TAX BILLS FOR THE SELF-EMPLOYED IN 2022/23

Last month we mentioned that draft legislation has been published to change the basis periods for the assessment of self-employed profits to coincide with the tax year. The proposed new rules provide that from 2023/24 onwards profits or losses will be apportioned to...

What you need to know about Making Tax Digital

MTD COMING SOON FOR INCOME TAX VAT registered businesses making taxable supplies above the £85,000 registration threshold have been grappling with Making Tax Digital (MTD) since April 2019. The next roll-out will be the introduction of MTD for income tax which is...

Working with your accountant in a post-MTD era

Working with your accountant in a post-MTD era Picture it. It’s tax deadline week, and you’re not stressed. You don’t have to rummage through boxes or filing cabinets looking for invoices or receipts. Everything is in hand, and you’re entirely relaxed. Is it all a...