5 Reasons to use a Chartered Accountant Before choosing your accountant Unless a member of the ICAEW ( Institute of Chartered Accountants) or qualified with another professional body, anyone can call themselves an accountant, even if they have no professional training or qualifications to back it up. We recommend you check that any accountant you approach has some formal training and /or qualification and carries professional indemnity insurance just in case its needed. Experience To qualify as chartered accountant, I
As Big Ben strikes midnight to usher in the New Year its time to reflect and make resolutions for your business for 2025. For individuals and businesses alike, this is the perfect time to review your financial position and set clear goals for the year ahead. At Red Tulips Chartered Accountants, we’re here to help you make the most of this fresh start. Reflecting on 2024 Before diving into the New Year, take a moment to reflect on the past
When Do You Need to Register for VAT? In the UK, businesses are required to register for VAT if they meet certain criteria. If you are a health professional as detailed in paragraph 2.1 ‘Meaning of a health professional’, your services are exempt when certain conditions are met. The detailed notice and list can be found here Therapists such as acupuncturists, psychotherapists, hypnotherapists and others who do not have statutory registers as described in paragraph 2.1 ‘Meaning of a health
The clock is ticking for filing a Self-Assessment tax return before the 31st January 2025 deadline which is fast approaching, and missing it could result in fines. Here’s everything you need to know to stay ahead. Important Dates to Remember 31 January 2025: Deadline to submit your 2023/24 Self-Assessment tax return online. Final date to pay any tax owed for 2023/24. Due date for your first payment on account for the 2024/25 tax year. What Happens If You Miss the
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The introduction of Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) marks a significant change in how self-employed individuals in the UK report their income to HMRC. What is MTD for ITSA? MTD for ITSA is HMRC’s initiative to modernise and digitise tax reporting for individuals earning income through self-employment, property, or other sources. From April 2026, sole traders and landlords with a combined gross income over £50,000 must use MTD-compatible software to: Keep digital records of
