Blog
Tax and Accounting News, Information for Small Businesses
Coming in 2024 - Making Tax Digital for Income Tax and Self-Assessment (MTD for ITSA)
This is a bit of a biggie. From 6th April 2024, anyone with combined self-employed income (not profit) over £10,000 will need to comply with HMRC’s new MTD for ITSA tax scheme.
Self Assessment for Small Businesses and the Self-Employed
Every time I heard that "self-assessment - tax doesn't have to be taxing" tagline on the HMRC adverts - I wanted to scream. Not only was that ad REALLY annoying, but self-assessment IS taxing! Its hard work. The maths itself is pretty straight forward. But gathering all the information you need, leaving out information you don't need, sticking to all the deadlines, even signing up with HMRC...it's not straightforward! So I really hope this little guide helps, and I will be posting additional, more in-depth information in the future.
Which Tax Return is for You?
Yes, unfortunately all self-employed individuals, businesses, partners in LLP's, company directors, higher-rate tax payers earning over £100k, and some others do need to complete a tax return. If this doesn't happen, HMRC can issue fines, penalties and interest. The question is, which tax return is the one for you?