What to do if you miss the tax return deadline
The deadline for filing your 2021/22 self-assessment tax return online was 31st January 2023. The deadline for paper tax returns was 31st October 2022. In some very rare situations, HM Revenue and Customs (HMRC) may give you a different filing date for your tax return. But otherwise, it is not usually possible to get an extension…
Tips for Payroll Success
One of the key things that small and medium sized businesses (SMBs) ought to get right is payroll. Not only is it a legal requirement to maintain the relevant documents and pay the correct amount of tax, getting ready helps assuring your employees that the business is trustworthy. Making mistakes when running payroll can be…
Reasons Why Having a Bookkeeper Is Important For Your Business
The differences between a bookkeeper and an accountant can sometimes be confusing because their roles in a business overlap in many ways. Bookkeeping is the day-to-day recording and categorization of a business’ financial transactions, while accounting is the process of putting that financial data to use through analysis, strategy and planning. Bookkeeping is fundamental for…
Draft Legislation To Simplify Making Tax Digital For Income Tax
HM Revenue and Customs (HMRC) has published well needed draft legislation surrounding Making Tax Digital for income Tax self assessment. The proposals, aimed at sole traders and landlords with annual turnover below the £85,000 VAT threshold, will permit individuals to provide only two figures to HM Revenue and Customs as part of the impending quarterly…
Making Tax Digital for Income Tax Self Assessment
Making Tax Digital (MTD) for Income Tax, also known as Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) is a new way for self-employed business owners and landlords to report earnings and pay Income Tax .MTD for Income Tax is part of the government’s wider Making Tax Digital -MTD initiative. When does…
Guide to Construction Industry Scheme
Guide to Construction Industry Scheme What is the Construction Industry Scheme?The Construction Industry Scheme is a scheme run by the HMRC. In a nutshell, anyone using asubcontractor within the construction industry must verify them with the HMRC. Then, eachtime they pay them, they must deduct:• 20% of costs invoiced, less VAT and materials, if they…
Important Things to Consider When Setting up a Company
Many of us long for giving up the nine-to-five and making it on our own. However, the sad reality is that more than half of new businesses fail within the first three years. Some of the biggest stumbling blocks are poor planning, lack of capital and ineffective marketing initiatives. Get in touch with one of our accountants and…
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