Making Tax Digital for Income Tax Self Assessment (ITSA)

VAT-registered businesses with a turnover higher than £85,000 are already required to submit their VAT return via the Making Tax Digital scheme, but MTD is an ongoing process which will soon include income tax reported through Self Assessment. From April 2024 self-employed people and landlords earning over £10,000 a year must be compliant for MTD…

What Do I Need for a Company Tax Return?

Corporation Tax is a necessary evil when it comes to running a limited company. To pay the right amount of Corporation Tax, you’ll need accurate financial records so that the information you provide in your company tax return is correct. Who has to file a company tax return? Limited companies must submit a company tax…

Accountants, Are You Talking To Your Clients About MTD for Income Tax?

Accountants, Are You Talking To Your Clients About MTD for Income Tax Self Assessment (ITSA)?

Let’s start this with another question. Should you be talking to your clients about Making Tax Digital for Income Tax Self Assessment (ITSA)? Guidance around it is still fairly generic, so it’s difficult to offer clients much in the way of detail. But, the internet is slowly filling with articles rehashing what little is known…

Is it Easy to Submit A VAT Return Using MTD Software

Is it Easy to Submit A VAT Return Using MTD Software?

With the government in the process of Making Tax Digital, businesses are moving towards keeping finance records digitally. After several delays, the MTD for VAT scheme comes into full force from 1st April 2022. Previously the rules only applied to VAT registered businesses with a taxable turnover over the registration threshold. Under MTD, they are…