The government recently announced that the Making Tax Digital (MTD) for Income Tax Self-Assessment scheme for the self-employed, sole traders and landlords would be delayed until a phased approach in April 2026. Here we look at the implications along with important information such as how to sign up for MTD and the software you need to submit records to HMRC.
In the Autumn Statement 2022, Chancellor Jeremy Hunt announced some reversals to the mini budget that took place in September. He also announced several measures to attempt to stabilise the fragile economy. Here we look at some of these key points and how they might affect limited companies and sole traders.
It’s always our mission to deliver the latest news affecting tax, the economy and government policy on finance, but possibly there has never been so much uncertainty, with changes being announced left, right and centre. Now things have settled – at least for the short term – let’s take a look at what was announced in the September 2022 mini budget, and what’s changed since.
Filing returns and paying tax bills on time are accounting necessities. But what if you’re super-organised and have your returns filed well ahead of the deadlines, should you just go right ahead and pay what you owe early? Or is it best to leave it to the deadline? Here we look at the pros and cons of paying Corporation Tax and Income Tax bills earlier than the deadlines, as well as important factors to think about.
As of the new tax year, 6th April 2022, Dividend Tax will increase, affecting limited company directors who rely on dividend income to top up their salaries.
Whilst the National Insurance Contributions increase of 1.25 per cent has been widely publicised, the rise in Dividend Tax has fallen off the radar somewhat. However, it will affect a large number of taxpayers.