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inTax
Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) and how to file with Two Self-Employments
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
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How Tax Works For Self Assessment
inTax
31 January 2025 Tax Return deadline missed by 1.1mn taxpayers
An estimated 1.1 million people missed the 31 January 2025 deadline for filing their 2023/24 tax returns according to HMRC. They now face a penalty of at least £100 for missing the cut-off at the end of the day on Friday, the tax authority has said, unless they can provide a valid excuse for failing to file. More than 11.5 million people did complete the self-assessment process, including more than 31,000 who finished it during the final hour before the
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inAccounting, Tax
Why choose a Chartered Accountant ?
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
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inAccounting, Financial News
New Year, New Financial Opportunities: A Fresh Start for 2025
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
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Making Tax Digital for VAT is now in operation
inTax
Understanding the VAT Registration Rules
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
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Specilist accountancy services & advice for actresses, actors, performers, artists, models, dancers, photographers, artists, make over artists, musicians and singers, alternative & holistic therapists, yoga instructors, reiki practitioners, spiritual healers, hypnotherapists and counselors

Sasha Owen

BSc FCA

Chartered Accountant

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Call us today on 07583 031324 or Email us at sasha@redtulips.co.uk

“Creativity is great-but not in accounting.”
– Charles Scott –
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