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MTD for ITSA Postponed Until April 2026

Making Tax Digital (MTD), the initiative from HMRC that aims to digitise the tax system was set to be mandatory for Income Tax from April 2024, but recent announcements  show that it will be postponed until April 2026.

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Challenging times ahead for Owner Managed Businesses?

Our latest Owner Managed Business (OMB) survey looked at the impact of the pandemic on businesses across the UK. Much of the optimism from last year has eroded, with many businesses now expecting their profits to be impacted by the rising costs across the U.K. 

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What is a General Partnership?

The Partnership Act 1890 defines a General Partnership, otherwise commonly known as an Ordinary Partnership or Business Partnership, as two or more individuals ‘carrying on a business in common with a view of profit’. 

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Autumn Statement 2022: What you need to know

Key highlights from the Chancellor's Autumn Statement. 

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Important Tax Changes for Unincorporated Businesses

In preparation for the introduction of Making Tax Digital in April 2024 there are significant changes to the way profits from self-employment and partnership profit shares (including LLPs (Limited Liability Partnerships)) will be taxed from April 2023.   

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Tax Diary November/December 2022

1 November 2022 - Due date for Corporation Tax due for the year ended 31 January 2022. 19 November 2022 - PAYE and NIC deductions due for month ended 5 November 2022. (If you pay your tax electronically the due date is 22 November 2022.)

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How to register for the new VAT registration service

As part of Making Tax Digital for VAT, VAT registrations have changed. The way businesses register for VAT changed on 1 August 2022. A new VAT Registration Service (VRS) has been created to manage the process. 

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How much can I gift staff for Christmas tax free?

Business owners who are minded to celebrate the forthcoming Christmas break with their staff are reminded that there is a tax-free allowance for the provision of an annual party or other event for the benefit of staff and their partners. The present limit to tax relief is £150 per head. If this amount is exceeded, the full cost of the benefit is taxable not the excess over £150.

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What to do if you have received suspicious contact from HMRC

Criminals claiming to be from HMRC have targeted individuals by email, text and phone with their communications ranging from offering bogus tax rebates to threatening arrest for tax evasion. Contacts like these should sound alarm bells – HMRC would never call threatening arrest.

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How will Making Tax Digital for Income Tax affect Landlords?

Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) is set to impact Landlords with a gross income of more than £10,000 a year from property from 6 April 2024. Landlords will need to be prepared for the coming tax changes well before the required switch date to avoid any issues and/or penalties.

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Almost all tax cuts announced in the mini-Budget have been reversed

Following on from the previously announced U-turns on Corporation Tax and the top rate of income tax, new Chancellor Jeremy Hunt has today announced plans to scrap ‘almost all’ the tax cuts announced in the ‘mini-Budget’ on 23 September.  

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Are you prepared for Making Tax Digital for Income Tax Self Assessment?

Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) is HMRC’s second phase of digitalising the UK tax system. It will impact self-employed individuals and landlords with a taxable income above £10,000 from April 2024.