Last updated on September 28, 2023You´re working hard and building your trades business from the ground up. But guess what? As your business grows, you might find yourself approaching that seemingly elusive VAT threshold. Yeah, those three letters may make you break into a sweat, but fear not – we’ve got your back and ways…

Last updated on January 17, 2023It was confirmed by The Treasury earlier this week that there would be a two year delay to the timetable for Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA). The change follows weeks of urgent calls from professional bodies, HMRC’s own Administrative Burdens Advisory Board, tax software representatives and…

Last updated on August 30, 2022HMRC releases long-awaited MTD ITSA guidance HMRC has finally published more detailed guidance on how Making Tax Digital for Income Tax Self-Assessment (MTD ITSA) will work for sole traders and buy-to-let landlords with qualifying income over £10,000, when it becomes mandatory from 6th April 2024. The new framework will replace…

Last updated on April 6, 2023Over the last few years landlord accounting has become an increasingly challenging area of tax and legislation, and with the introduction of Making Tax Digital for Income Tax Self-Assessment in April 2026 it is going to continue to do so. MTD ITSA will require individuals with rental income above £50,000…

Last updated on April 25, 2022VAT Since 1st April 2019, businesses with taxable turnover above the VAT registration threshold have been required to store their VAT records digitally and submit VAT returns via an interface with HMRC software. Initially, the estimated 1 million businesses that are VAT registered on a voluntary basis were not required…

Last updated about 4 weeks agoIf you are a sole trader and don’t yet have an accountant, this “HOW TO” takes you through creating your own Government Gateway ID. First, go to https://www.gov.uk/personal-tax-account and click the “Create sign-in details” This will create your Government gateway ID. (Note the number, as you will need it to log on…

Last updated on April 25, 2022The government’s plan to digitise tax for everyone in the UK begins in April 2019 with MTD for VAT. The new rules will require businesses with a taxable turnover above the VAT threshold (£85,000) to store financial records digitally and submit VAT returns from MTD-compatible accounting software. You can read…

Last updated on April 25, 2022April brings the start of a new tax year and whether you currently use spreadsheets, a desktop/online accounting system or dare I say still using a pencil and paper, if you have been thinking about switching to a better system now is the perfect time! With HMRC looking to widen…

Last updated on April 25, 2022Last month HMRC published further information on MTD (Making Tax Digital) to support businesses and agents in the run up to the start of the mandatory MTD VAT service from April 2019. As part of Making Tax Digital, businesses registered for VAT with a taxable turnover above the VAT registration…

Last updated on May 25, 2022Are these simple assessments HMRC’s way of turning back time??? Apparently, I say this because it was before my time as an accountant, before Self Assessments HMRC estimated how much tax someone needed to pay, the tax payer then appealed, a tax return would be submitted and once the figures…

Last updated on April 25, 2022HMRC announce new timetable HMRC has announced significant changes to the timetable for rolling out the Making Tax Digital scheme, which was due to go live from April 2018. The scope and timetable have now been put back following feedback and concerns from parliamentary bodies, businesses, the accounting profession and…

Last updated on April 25, 2022The snap general election has resulted in a number of tax measures, including Making Tax Digital, being dropped from the government’s Finance Bill 2017. Unincorporated businesses with turnover above the VAT threshold were due to start reporting their business’s financial data to HMRC digitally in April 2018, however, the clause…

Last updated on April 25, 2022April brings the start of a new tax year and whether you currently use spreadsheets, a desktop/online accounting system or something else, if you have been thinking about switching to a better system now is the perfect time! Here’s why the first week of April is the best time to…

Last updated on April 25, 2022Last week HMRC published the response to the ‘Making Tax Digital’ consultations. The consultations asked for feedback on the government’s plan for ‘a transformed tax system and the end of the tax return’ by 2020. The consultation looked at how digital record keeping and quarterly updates would work in practice….

Last updated on April 25, 2022In the March 2015 budget HMRC announced its new ‘Making Tax Digital’ initiative, however, since then there has been few details on how it may work and what it would mean for small businesses. They have now produced consultation documents explaining in depth how they see Making Tax Digital working,…