June 2022

News Posted

MTD for Income Tax Self Assessment (ITSA)

7th June 2022
As of 6 April 2024 most self employed traders and private landlords will be required to comply with HMRC’s new MTD for ITSA rules. Who is required to comply? All individuals who are subject to income tax on the profits of a trade, profession, vocation or property business who have a total turnover from all...

Basis Period Reform

7th June 2022
The way we allocate profits to tax years for sole trade and partnership businesses is set to change in the 2023/24 tax year. The current system used to allocate profits was designed in the 1920s and creates a situation whereby businesses that do not have an accounting period that is aligned with the tax year...

Online Sales Tax

7th June 2022
The UK government has recently run a public consultation on a potential new Online Sales Tax. The consultation period ran from February 2022 to 20 May 2022. The results are currently under review. COVID has had a big impact on how we shop, work and generally interact, but even before COVID the retail sector in...

Reclaiming hidden VAT

1st June 2022
You are planning improvements to your business premises; you will be using individual contractors for the work as they provided you with the best quotes. However, none of them is VAT registered which could mean you paying hidden VAT. Why and how can you reclaim it? Elaine Wight advises. With inflation rising, everyone is keen...