UHY Ross Brooke Chartered Accountants
The new tax year starts 6 April 2023, so you have a couple of months to consider your options. Once we pass this date the majority of the tax planning options for Income Tax and Capital Gains Tax purposes will cease unless actioned before 6 April. Do you fall into
The mandatory use of software for Making Tax Digital for Income Tax Self-Assessment is being phased in from April 2026. Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) was due to be phased in from April 2024. However, the government, recognising the current economic environment and the significant change
Although there has been no official announcement yet, it’s probably the worst kept secret that Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) has been deferred by 2 years. by Chris Davies From the digital vision set out by George Osbourne in 2015, it has already taken 7
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
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
Basis Period Reform – for self-employed individuals and all partnerships / partners New legislation taking effect in 2023/24 will affect non-corporate trading businesses that prepare accounts to a date other than 31 March or 5 April. The new rules will alter how the taxable profits of accounting periods are matched
Making Tax Digital for Income Tax applying to the self-employed and landlords with gross incomes over £10,000 was originally set to apply from April 2023. However, HMRC has this week announced that MTD for ITSA will now be delayed until April 2024. A welcome stay of execution? For some, yes,
As well as the prospect of dealing Making Tax Digital, the self-employed now have another challenge on the horizon which could lead to higher tax bills for many. Draft legislation has recently been published to change the basis periods for the assessment of self-employed profits to coincide with the tax
Updated 27 Sept 2021 Making Tax Digital for VAT has been in place since 2019 and was to be extended further from 1 April 2022 to include those with taxable incomes below the VAT registration threshold who have voluntarily registered. The next stage along HMRC’s digital roadmap is Making Tax