HMRC are introducing MTD (Making Tax Digital). What this means is that if you fall within the categories below you will have to keep your accounting records digitally on HMRC compliant software and file quarterly returns to HMRC from your software. So if you are self-employed or a landlord you will have to comply with MTD from: 6 April 2026 if you have an annual business or property income( sales) of more than £50,000 April 2027 if you have an
On 19 March HMRC announced that the self assessment telephone helpline would be closed from April to September, in rapid U- turn on 20 March HMRC announced it will remain open and will consult further. My opinion is it should never have been consider for closure in the first place but at least there was an immediate reaction and HMRC have taken notice
HMRC have issued examples of training costs and when they are allowable as a tax deduction and when they disallowed click here to find out if you could claim the cost of training as an allowable business expense if you are a self-employed individual. Contact Sasha here if you would like to discuss your personal circumstances
Just a few key points from the Budget today that caught my eye The VAT registration threshold is increased from £85,000 to £90,000 from April 2024, that being said its not increased for about 10 years so is a small step Personal tax allowances to remain the same Class 4 National Insurance for self employed to be reduced from 9% to 6% from April 2024 Child benefit to be reviewed to ensure single earning families is not penalised. Child benefit
I do get asked if a sole trader should trade through a limited company. Changes over recent years in corporation tax and income tax make any tax benefit of incorporation small and taking account of extra costs and the administrative burden in my opinion the main reason for incorporation should be commercial not driven by tax There are some changes that are currently being enacted which have further implications for limited companies The company’s Registered Office has to be a place
