The MTD (Making Tax Digital) pilot scheme for the next phase of the HM Revenue & Customs (HMRC) initiative has seen a drastic slump in users. Self-employed businesses and landlords with annual business or property income above £10,000 will need to follow the rules for MTD for Income Tax and Self-Assessment (ITSA) from 6 April […]

According to the Federation of Small Businesses (FSB) survey, more than 440,000 small businesses could fail because of a new late payment crisis. The national small business organisation has called for the Government to step in and take urgent action to improve how companies are paid. According to the FSB study, 30% of small businesses

Are you setting up a new business, or already a well-established company? Did you know that there are ways you can save money through tax reliefs and allowances. Certain tax initiatives even allow business owners to save money that they can reinvest back into their company. Enhanced Capital Allowance (ECA) ECA schemes encourage businesses to

Are you an unincorporated company? Watch out for the income tax basis period reform. All unincorporated businesses, including sole traders, the self-employed and trading partnerships, will be taxed on profits generated in the 12 months to 5 April (or 31 March) each year from 2024-25. Here is what you need to know about the income tax

Under new rules set by the Government, the system of penalties for VAT and Income Tax Self-Assessment (ITSA) are changing. The new system of fines is aimed at tackling non-compliance by taxpayers who repeatedly fail to meet their obligations to provide returns and other information requested by HMRC. Those who make occasional and infrequent mistakes

At the start of 2021, there were estimated to be 5.6 million UK private sector businesses. Small and medium-sized enterprises (SMEs) are the lifeblood of the country, accounting for 99.9 per cent of all businesses across the UK. According to a survey commissioned by Sage, SME’s acknowledge that their operations would struggle to function efficiently without

The 2023-24 tax year may seem a long way off, but companies must be prepared for Corporation Tax changes to the system. The main rate of Corporation Tax (CT) will rise to 25 per cent for the financial year commencing on 1 April 2023, but it is slightly more complicated than the headline figure and the rate

Whether it is down to the spread of the Coronavirus or just a general trend to a more cashless society, card payments have boomed in the last couple of years. While restrictions were in place, hardly anyone accepted cash and it is a trend that looks like it will continue with more and more payments

Taxpayers who are unable to pay their Self-Assessment (SA) bill can use the option of paying by instalments with a Time to Pay arrangement with HM Revenue & Customs (HMRC). If you cannot pay a Self-Assessment tax bill you can make your own Time to Pay arrangement using your Government Gateway account, if you: Have filed your