Don’t fall into the trap of paying your simple assessment tax bill twice. Small business owners aim to keep their tax bills as low as possible but this year, many using simple assessment are ending up paying twice! The reason…
Whilst MTD for Income Tax is not due to come into force until 2024, many questions are being asked already by those getting prepared for the changes now. Below are our answers to some key questions. If you don’t find…
Overclaimed SEISS grants are now being contacted by HMRC. Following an amendment to self-assessment tax returns made after 2nd March 2021, taxpayers are now being contacted by HMRC where it has been identified they need to repay all or part…
Making Tax Digital for VAT registered businesses for businesses above the VAT threshold of £85,000 has been compulsory since 2019. However, from November 2022, all VAT-registered businesses must comply with Making Tax Digital (MTD) and submit returns using MTD-compatible software.…
The self assessment deadline is just about upon us on 31st January and yet according to HMRC, more than 4 million are still to file their 2020 to 2021 Self Assessment tax return. Whilst HMRC has provided a one-month penalty…
Here is a reminder to set up a self serve time to pay arrangement with HMRC if you are unable to pay your self-assessment liability. The current limit for a self-serve time to pay arrangement, which was increased during the…
The Let Property Campaign and all you need to know The Let Property Campaign applies to you if you are an individual landlord and have received rental income that you have not declared to HMRC. If this does apply to…
Delay to Making Tax Digital announce by the Government As part of the rollout of greater digitalisation of our tax regime businesses with turnover in excess of £10,000 were due to be caught under the new rules from April 2023…
A simplified tax reporting system may be coming into play after HMRC announces proposed radical changes to the way businesses are taxed Under the current system, tax returns filed by the self-employed, sole traders and partnerships are based on a…
Many business owners are now asking the question of how to include the SEISS grant on their tax return. By now many business owners have realised that the Self Employed Income Support Scheme payments (SEISS) are fully taxable and need…