Making Tax Digital for Income Tax Self-Assessment (MTDITSA) Change is coming
You will recall that MTDITSA has been pushed back to 6 April 2024 in order to provide more time for taxpayers and HMRC to make necessary preparations and allow for the continued testing of the pilot. The focus of MTDITSA is currently on self-employed businesses and property owners with annual income above £10,000. Note that […]
R&D Claims – Changes are afoot and preparation is key
In recent years, there has been an increase in the number of unsubstantiated R&D tax relief claims submitted by companies, prompting concern at HMRC in relation to the level of fraudulent claims being made. HMRC’s response has been twofold. Firstly, HMRC recently announced a pause in some Research & Development Tax Credit payments whilst they […]
HMRC is changing the way trading income is allocated to tax years
Unincorporated businesses generally draw up their accounts to the same date each year, the ‘accounting date’. Their profit or loss for the tax year is usually the profit or loss for the year to the accounting date, the ‘basis period’. However, the government is looking to align all basis periods for unincorporated businesses with the […]
