๐๐๐ง ๐๐จ๐ฎ ๐๐๐๐จ๐ซ๐ ๐๐จ ๐๐๐ฅ๐ฅ ๐๐ง ๐๐ง๐ฏ๐๐ฌ๐ญ๐ฆ๐๐ง๐ญ ๐๐ซ๐จ๐ฉ๐๐ซ๐ญ๐ฒ?
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๐๐๐ ๐๐ง๐ ๐๐๐ง๐๐ฅ๐จ๐ซ๐๐ฌ โ ๐๐ก๐ ๐๐๐ฐ ๐๐ข๐ฆ๐๐ญ๐๐๐ฅ๐
Under the original plans, landlords with rental income (or combined rental and business income) of more than ยฃ10,000 would have needed to comply with Making Tax Digital for Income Tax (MTD for ITSA) from 6 April 2024. However, the start date has now been delayed, and its introduction is to be phased in. Phased introduction
๐๐๐ฑ ๐๐ฆ๐ฉ๐ฅ๐ข๐๐๐ญ๐ข๐จ๐ง๐ฌ ๐๐ ๐๐ซ๐ข๐ญ๐ข๐ง๐ ๐๐๐ ๐ ๐๐๐ ๐๐๐๐ญ
Companies and self-employed businesses with a turnover exceeding ยฃ150,000 a year are obliged to prepare their accounts using the โaccrualโ basis of calculating profits i.e. recognising the income received and expenses paid on an invoice basis, regardless of whether or when the cash is received. Such a method of calculation may result in some customers
๐๐ฌ๐ฌ๐จ๐๐ข๐๐ญ๐๐ ๐๐จ๐ฆ๐ฉ๐๐ง๐ข๐๐ฌ ๐๐ง๐ ๐๐ฆ๐ฉ๐๐ง๐๐ข๐ง๐ ๐๐จ๐ซ๐ฉ๐จ๐ซ๐๐ญ๐ข๐จ๐ง ๐๐๐ฑ ๐๐๐ญ๐ ๐๐ก๐๐ง๐ ๐๐ฌ โ ๐๐ก๐๐ญ ๐๐ซ๐ ๐๐ก๐ ๐๐๐ฑ ๐๐ฆ๐ฉ๐ฅ๐ข๐๐๐ญ๐ข๐จ๐ง๐ฌ?
Most directors know that as of 1 April 2023, companies with taxable profits in excess of ยฃ250,000 will pay corporation tax at the main rate of 25%. Companies with taxable profits of ยฃ50,000 or less will still be charged at 19% and those with profit levels between ยฃ50,000 and ยฃ250,000 will pay tax at 25%,
๐๐๐ ๐ฉ๐จ๐ฌ๐ข๐ญ๐ข๐จ๐ง ๐ข๐ ๐ฒ๐จ๐ฎ ๐๐ซ๐ ๐๐ฆ๐ฉ๐ฅ๐จ๐ฒ๐๐ ๐๐ง๐ ๐ฌ๐๐ฅ๐-๐๐ฆ๐ฉ๐ฅ๐จ๐ฒ๐๐, ๐๐๐๐๐ซ๐ฆ๐๐ง๐ญ
With different rates and limits of National Insurance contributions (NIC) for the 2022/23 year, anyone who has more than one paid job or who is both employed and self-employed could easily find themselves paying too much in NIC. Problems can arise because the PAYE system does not easily cater for multiple jobs. HMRC are supposed