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BIG TAX BILLS FOR THE SELF-EMPLOYED IN 2022/23

Last month we mentioned that draft legislation has been published to change the basis periods for the assessment of self-employed profits to coincide with the tax year. The proposed new rules provide that from 2023/24 onwards profits or losses will be apportioned to...

What you need to know about Making Tax Digital

MTD COMING SOON FOR INCOME TAX VAT registered businesses making taxable supplies above the £85,000 registration threshold have been grappling with Making Tax Digital (MTD) since April 2019. The next roll-out will be the introduction of MTD for income tax which is...

Working with your accountant in a post-MTD era

Working with your accountant in a post-MTD era Picture it. It’s tax deadline week, and you’re not stressed. You don’t have to rummage through boxes or filing cabinets looking for invoices or receipts. Everything is in hand, and you’re entirely relaxed. Is it all a...

I’m already using Xero; how will Making Tax Digital affect me?

There’s a new kid arriving on the accounting block, and the deadline to get ready for is getting nearer and nearer! HMRC’s Making Tax Digital (MTD) is set to transform how businesses keep their records but even still, there’s several myths circulating about what it...

Do I really need Xero for Making Tax Digital?

There’s no doubt in our minds that Making Tax Digital is set to radically transform how business owners handle their finances. What was originally dubbed as “the death of the tax return” has become something far greater, and could even be described as the most...