The tax year of 2023/24 was the transition year from « current year » to the « tax year ». This means that businesses are taxed differently which can cause changes for Sole Traders when looking at how you declare your losses and planning your business and tax strategy. Transition Going from the « current Read more…
Income Tax planning is important when looking at reducing your taxable income, especially when your income falls just above one of the thresholds. There are different ways and strategies that you can use for your Income tax planning such as gift aid, pension contribution, moving amounts from year to year Read more…
In the last fifteen years, accounting software has been more and more used by businesses to deal effectively with their accounting and bookkeeping needs. So what are the benefits using accounting software to all businesses, including small businesses? Save Cost and Time Common belief would make you think that accounting Read more…
When you start a business, accounting dates might not always be at the top of your priorities, but it is important to meet these deadlines. Depending on the type of business, you have different dates to remember. Here is a list of these different deadlines and penalties to look out Read more…
Back in 2019, HMRC introduced the first phase of its new initiative, which is Making Tax Digital (MTD). HMRC’s ambition is to become one of the most digitally advanced tax administrations in the world with this initiative. What is MTD ? Making Tax Digital is a key part of the Read more…
Self Assessment is the mechanism HMRC uses to collect Income Tax. Tax is usually deducted automatically from wages, pensions and savings. However, people and businesses with other income must report it in a tax return depending on their situation. In what case does Self Assessment apply to you ? You Read more…
