UHY Ross Brooke Chartered Accountants
Ahead of Making Tax Digital for Income Tax Self-Assessment (MTD ITSA) requirements from April 2024 we’re looking at how to enhance our services to our clients whilst also making their lives easier. By Sarah Hardy We have been using the Dext Prepare software for a little while now but knew
STOP PRESS (Jan 2023): Making Tax Digital for income tax self-assessment (MTD ITSA) has been delayed again – the new timescales are here. The benefits to going digital though, remain. By Sarah Hardy The phased introduction to the service is still on track, beginning with businesses, self-employed individuals, and landlords
Under new laws to be introduced, landlords will have to pass on the energy discounts to tenants whose rent is all-inclusive. The final details are yet to be ironed out, but this must be a light on the horizon for the 585,000 households who stand to benefit. Unfortunately the discounts
The changes to the basis of assessment of self-employed profits are scheduled to change from 6 April 2024. The new rules mean that profits (and losses) will be assessed based on the amounts arising between 6 April and 5 April instead of the profit/loss of an accounting period ending in
Making Tax Digital (MTD) for Income Tax will apply to sole traders, property landlords and certain other businesses with gross turnover and/or property income over £10,000 a year and will commence in April 2024. The system will then be extended to partners from April 2025 and LLPs and partnerships with
HMRC have issued guidance for VAT-registered business and their agents on how to avoid penalties for non-compliance with the Making Tax Digital for VAT (MTD) rules. In particular, there is a new £400 per return penalty if you file a return but do not use functional compatible software. There are
HMRC has published details of research it commissioned in the first quarter of 2016, asking landlords and letting agents about their preferences for filing and paying tax on their rental income. By Phil Kinzett-Evans The research had several objectives but was aimed at whether landlords might prefer a system where
If you are VAT registered and you’ve already registered for MTD for VAT, then well done, you can ignore the rest of this blog. If you haven’t, you’d better read on. What’s MTD for VAT all about? MTD stands for Making Tax Digital, and it involves keeping your records in
Help to Grow: Digital is a new UK-wide scheme to help small and medium size businesses (SMEs) adopt digital technologies that are proven to increase productivity. From December 2021, the scheme will offer SMEs free and impartial advice on how technology can help their business. A new online platform will
Finance Act 2021 introduced a new regime for late VAT returns that will apply to VAT periods commencing on or after 1 April 2022 and to other returns at a later date. HMRC have now published detailed guidance on the new rules. The reforms come into effect: for VAT taxpayers