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 […]
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
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%,
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
Limited liability partnerships (LLPs) are a relatively new type of business structure that came into being following the financial crisis of the late 1980s, and early 1990s. In the UK, before 2000, generally, each partner was jointly and severallyย liable for the firmโs liabilities which meant that a partner could become liable for the negligent
