Making Tax Digital

1 Feb 2023 | Firm News, Self Assessment

Making Tax Digital (MTD) was introduced for VAT in 2019, whereby VAT registered businesses moved to making electronic MTD returns. The effect of the changes wasn’t as dramatic as initially expected with the submission being similar to that of an ordinary VAT return...

HMRC updates Making Tax Digital MTD guidance

5 Oct 2022 | Publication, MTD, Self Assessment

MTD non-compliance penalties also published.

Pensions. Planning for your future or planning for now?

3 Oct 2022 | Firm News, Efficient Reward Strategies, Personal Tax Planning, Self Assessment

We are all aware that putting money into a pension enables us to save for our future retirement – but have you considered the savings that are available now? Each year, we all have up to £40,000 of annual allowance for pension contributions.  If you are an...

Property income reporting

16 Aug 2022 | Firm News, Property Services, Self Assessment

We are seeing a high number of HMRC ‘nudge’ letters being issued, suggesting that rental income from property has not been correctly reported. HMRC are obviously getting this information from somewhere as many of the approaches made to us have been from landlords...

Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA)

19 Jul 2022 | Firm News, MTD, Property Services, Self Assessment

Draft legislation for Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) has been issued by HMRC. From April 2024, individuals with a turnover of £10,000 or more from self-employment or property income will be required to make quarterly submissions with a...

Can I claim the work from home allowance?

7 Apr 2022 | Firm News, Payroll, Self Assessment

Q: Can I claim the work from home allowance? This is a question we’ve been asked a lot recently and so we asked our Senior Tax Manager, Lucy Orrow to answer in more detail For the 2021/22 tax year, HMRC allowed reimbursements of £6 per week/£26 per month as a work...