News

Making Tax Digital for ITSA Delayed – What it Means for The Self-Employed

Making Tax Digital

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.

Autumn Statement: What it Means for Business

Autumn Statement 2022

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.

The Latest on the Mini Budget

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.

How to Save Money as a Small Business in 2022

Business money saving tips

With the cost of living crisis hitting businesses hard on the bottom line, it is a good time to be looking at ways to save money. The following tips will help you reduce costs, without compromising on service quality or client care.

How to Set Up and Run Payroll

Payroll

Employers in the UK are required to follow specific guidelines when setting up and running payroll. Here we take you through each stage so that you can prepare and run your payroll in line with the rules.

Making Tax Digital Key Dates

Making Tax Digital

Since 2019, most VAT registered businesses with a taxable turnover above the VAT threshold (£85,000) have been required to keep digital VAT records and send VAT returns using Making Tax Digital (MTD) compatible software.

A Guide to Benefits in Kind

Benefits in Kind

Benefits in kind are a way to provide employees with additional perks. However, there are tax implications for the employer, so it is important to be clear on how benefits in kind work, and how to report them to HMRC.

The Pros and Cons of Paying a Tax Bill Early

Pay tax bill early

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.

Dividend Tax Increase from April 2022

Dividend Tax Increase

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.

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