Under the self-assessment regime, individuals are responsible for calculating their tax liability and ensuring that any tax owed is paid on time. At Horsfield & Smith, Chartered Accountants in Bury, we understand the importance of staying compliant with the latest...
It has been officially reported that digital tax reporting via Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) has been postponed until April 2026. MTD for ITSA was set to become mandatory from April 2024 where sole traders or landlords with a gross...
MTD non-compliance penalties also published. After much anticipation from accountancy bodies and businesses, HMRC has finally updated its guidance on Making Tax Digital (MTD), filling in several blanks. HMRC updated some of its informational pages on GOV.UK in late...
Keeping the UK’s tax system running effectively and up to date with advances in technology is no easy task. But the introduction of the Government’s ‘Making Tax Digital (MTD)’ initiative is intended to solve this problem, by moving most taxation over to a digital...
As a business owner, you will find that few things in your line of work are as precious as your time – time that would be better spent doing something other than accounting. Many people come to us asking for help with tasks that usually result in time slipping through...
Introduction Self employed businesses and landlords with annual business or property income above £10,000 will need to follow the rules for MTD for Income Tax from their next accounting period starting on or after 6 April 2023. What is “Making Tax Digital”? Making Tax...
