If you are a sole trader or partnership and your accounting year end is not 31 March or 5 April, you are going to be affected by a change in the way taxable business profits are calculated for a tax year.
The current situation with Making Tax Digital for Income Tax Self-Assessment – MTD ITSA, and what may happen next.
As the self-assessment tax filing deadline has passed, it’s now time to check your plans are tax efficient for the tax year ending 5 April 2023.
In Jeremy Hunt’s statement yesterday, he told us which Mini-Budget measures are staying and which are not going ahead. The summary is simple. Everything goes except abolishing the Health & Social Care Levy, changes to Stamp Duty and the increased Annual Investment Allowance.
In an update to the mini budget, the Chancellor has cancelled his plans to abolish the higher 45% rate of Income Tax. We have update our Mini Budget Summary Report to reflect this.
Your Self Assessment tax return can be complicated, especially when you consider the impact Covid and business support grants have had on your profits.