Income tax basis periods – What unincorporated businesses need to know
All unincorporated businesses, including sole traders, the self-employed and trading partnerships, will be taxed on profits generated in the 12 months to 5 April (or 31 March) each year from 2024-25. Here is what you need to know: The Government
How the penalty system for late tax submissions is changing
Under new rules set by the Government, the system of penalties for VAT and Income Tax Self-Assessment (ITSA) are changing. The new system of fines is aimed at tackling non-compliance by taxpayers who repeatedly fail to meet their obligations to
Accountants critical to the success of SMEs
Small and medium-sized enterprises (SMEs) are the lifeblood of the country, accounting for 99.9 per cent of all businesses across the UK. At the start of 2021, there were estimated to be 5.6 million UK private sector businesses. But they
Be prepared for changes to Corporation Tax in 2023
The 2023-24 tax year may seem a long way off, but it is important that companies are prepared for changes to the system a little more than year down the line. The main rate of Corporation Tax (CT) will rise to 25
Cash no longer king as card payments surge in lockdown
Whether it is down to the spread of the Coronavirus or just a general trend to a more cashless society, card payments have boomed in the last couple of years. While restrictions were in place, hardly anyone accepted cash and
Give yourself Time to Pay
Taxpayers who are unable to pay their Self-Assessment (SA) bill can use the option of paying by instalments with a Time to Pay arrangement with HM Revenue & Customs (HMRC). If you cannot pay a Self-Assessment tax bill you can make
