Taxation

There are many different business taxes and knowing what you need to pay is confusing. We look at the different taxes that you may need to pay.

Making Tax Digital ITSA Delayed

Making Tax Digital ITSA Delayed

HMRC have announced that making tax digital ITSA has been delayed to April 2024. ITSA is Income Tax Self Assessment. In this article, we will look at the following: What is Making Tax Digital (MTD) Making Tax Digital Deadlines The plans for Income Tax Self Assessment Why the delay? How to comply with MTD What is Making Tax Digital? Making tax digital is part of HMRC’s…

What is a Sole Trader

What is a sole trader? A sole trader definition is a person that sets up business on their own and do not work for another business. In the UK this is one of the most popular small business formations. A sole trader will also be self-employed and will need to register with HMRC. They can also be known as a freelance worker. There are many reasons…

House of Lords wants to slow down Making Tax Digital

The House of Lords wants to slow down Making Tax Digital (MTD). It is due to be introduced to businesses that are VAT registered from 1st April 2019. It is estimated that without the delay 1.2 million businesses will start MTD from next year. All businesses with an annual turnover of more than £85,000, or expect to go over the threshold within 30 days, are required…

Making Tax Digital VAT

The first phase of making tax digital VAT will come into force from April 2019. HMRC had delayed the date, but they are now working closely with software companies to achieve the new deadline. Making Tax Digital what does it mean for me? If your business has income over £85,000 per year, you must register for VAT. All VAT registered businesses over the threshold must use…

Making Tax Digital for Business

Making tax digital for business will start affecting the smaller businesses which are not registered for VAT. It is expected to commence in April 2019. It is still unclear from HMRC if it will include all small businesses or if very small ones will be excluded. Small companies will have to submit their accounts online to HMRC quarterly, which is in line if you are VAT…

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Self Assessment Deadline for 2014

If you are self-employed the self assessment deadline for 2014 is fast approaching. If you run your own business, it can be very difficult finding the time to complete your accounts on time and filing the documentation to HMRC. For the year ending 5th April 2013, the deadline date is 31st January 2014. Even if you have filed your return don’t forget to make the payment…