MTD ITSA delayed until 2024

September 28, 2021 in Accounting, Small Business, Tax

MTD ITSA delayed until 2024

Making tax digital for income tax self-assessment (MTD ITSA) was due to go live in April 2023.  Last week, the Government announced that, having recognised the challenges faced by UK businesses during the last two years and after listening to stakeholder feedback, MTD ITSA would go live in April 2024, 12 months later than planned.

From April 2024, MTD ITSA will be mandatory for businesses and landlords with an income over £10,000 per annum (That’s turnover or gross rent receipts of £10,000 or more, not profit).  Pilot schemes are already underway and will be gradually expanded in the lead up to tax year 2024-2025.

The full news release is available from HMRC online.

If you think this might effect you and you would like to talk to us, pick up the phone or give us your details and we’ll contact you

Hiring an accountant could save your business

September 14, 2021 in Accounting, Small Business, Tax

Hiring an accountant could save your business

A lot of new businesses fail.
Many old businesses fail.
Some previously successful businesses fail.

Why? Usually, it comes down to issues around finances.

If you’re starting a new business or if you’ve been in business for years and are trying to grow your team and scale your company, hiring an accountant can help. Here’s three ways hiring an accountant could save your business:

They help you become more tax-efficient

Tax isn’t easy. Legislation changes all the time and any delays or mistakes could be costly. With an accountant filing your taxes, you can have the peace of mind that it is all being done correctly and on time. Not only that, but it saves you a lot of time and resources (which you can use to get back to your business) AND it saves you money. Accountants can reduce your tax burden by identifying opportunities for deductions, and they can help you avoid any government fines. They mitigate the risk of financial mistakes.

Accountants know how to identify financial risks and avoid them before they become major problems

What this means for you is that you’ll never spend money you don’t have. You will save money in all the areas you can and you’ll be more aware and better equipped to stick to a proper budget. Fewer financial mistakes, made from poor budgeting, means minimal losses and more profit!

They actively help you to grow your business

If you get an accountant on board in the early stages of your business, they will help you to develop a plan for growing your business in the right way. Not only that, they will also ensure that your finances are handled correctly from the beginning so that it doesn’t take over everything else in the future. As your business grows, they will start to provide advice in other areas such as budgeting and financing, payroll and recruitment, cashflow forecasting, investments and business strategy. They will work with you to ensure you have the financial capabilities and processes needed to work towards your business goals.

Survive and thrive!

Most new businesses fail because of financial issues, so don’t make the same mistake. Hire an accountant as early as possible and get the guidance and expertise needed to take your business to the next level. They will not only help you save money but they can help you make money as your business grows too.

Can you give good tax advice in 280 characters?

September 13, 2021 in digital marketing, SEO, Tax

Can you give good tax advice in 280 characters?

The influential Low Income Tax Reform Group (LITRG) has expressed ‘serious concerns’ about the advice HMRC is giving out over Twitter.

Telephone wait times increasing and as a result, many consumers are turning to Twitter for answers to their questions. Currently, @HMRCcustomers has almost 67,500 followers.

Last year, HMRC’s average phone wait time increased by over six minutes to 17 minutes 34 seconds, far above its charter promise of five minutes. Although HMRC has Facebook and Instagram pages, it encourages people to seek guidance on Twitter rather than the other platforms. It is the Low Incomes Tax Reform Group (“LITRG”) that has pointed outage dangers of giving advice in 50 words or less. This was in their response to consultation on simplifying the tax regime.

The Head of the LITRG, Victoria Todd said: “Accurate and comprehensive guidance is critical in terms of helping people ensure they pay the right amount of tax and building trust in the tax system. We have long held serious concerns about the standard of GOV.UK guidance and the extent to which taxpayers can rely on it and other channels of guidance and advice now provided by HMRC such as Twitter and community forums.”

If you would rather have, considered and properly researched tax advice contact us or have a look at our services

Can you give good tax advice in 280 characters?