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MTD ITSA & Making Quickbooks Work For You. MTD for Income Tax Self-Assessment (MTD ITSA) is set to roll out from April 2026, and will cover all unincorporated business and landlords for Self-Assessment with annual business and/or rental income over £50,000.
Business Financing via Business Loans. If you are considering generating extra funds to run your business, then one option is a business loan. The loan that will be offered to you will depend on your business and its funding needs and will need to be repaid back with interest.
A very clever solution for small businesses that are looking for ways to streamline payments. It takes the pain out of supplier payments with a reduction in risk, a reduction of man hours, and an increase in efficiency. In a nutshell, : What could be simpler than that?
A director’s loan is typically when you receive money from your ‘close company’ that is not a salary, dividend (money you can draw from your company on declared profit), a repaid expense, or money that you have previously given to or loaned your company. We say typically because a director can also loan money to their company, and this is covered later in this article.
The World Economic Forum has identified the cost-of-living crisis as the number-one global risk for the next two years.
Director tax-efficient salary recommendations, when is comes to starting a limited company.
Voluntary National Insurance contributions can help make sure you have enough qualifying years to get the full State Pension. You need to make full contributions for a total of 35 years to obtain a full state pension.
No one likes to think about it but that doesn’t change the fact that we are going to get old, if we are lucky, and if not sooner than later, die!
The marriage allowance is a tax break that allows an individual to give up 10% of their personal allowance (£12,570 in 2023/24 so the amount is £1,260) to their spouse or civil partner.
With only 6-months remaining before the Basis Period Reform comes in to force this is a MUST-READ article that explains what “basis period reform” is, who is affected by it, and what actions you should take to report your taxable profits to HMRC correctly.
All our contracts start with an informal chat with potential personal representative.
Two years into my switch to UW I did an analysis exercise on what I would have paid if I had not changed. At that time, which was May 2020, I had saved £1418.58.
Following two previously announced delays the new Domestic Reverse VAT Charge (DRC) for Building and Construction Services will come into force on 1 March 2021.
Please forgive any awkwardness you feel when reading this letter. At heart, I am a very private person…
There is a lot of information being thrown around when is comes to the financial support you can get from the goverment to assist yourself or your business through Covid-19. Although many new legislations have come through, the process of implementing them are not as...
The ‘Educate The Executor™ Forum’ has been set up to educate, support and inform existing or potential executors and administrators. It is also to support the bereaved and anyone that has suffered a loss.
On 26 March 2020, Chancellor Rishi Sunak announced assistance for the self-employed, intended to be comparable to the help already in progress for furloughed employees. At the time of writing the fine detail is still emerging, but the basics are in this article.
The current inheritance tax (IHT) allowance whereby no inheritance tax is charged is on the first £325,000 (per person) of someone’s estate – which is the value of the total assets they leave behind when they die (or 36% if leaving at least 10% to a charity). Couples can leave a home worth £650,000 without it attracting inheritance tax (singles £325,000). Above the threshold, the charge is 40%. This remains unchanged.
A Self-Assessment tax return declares all your income for the tax year, including income that has already been taxed at source. If you have paid too much tax during the year you’re likely to receive a rebate. The tax year for every individual in the UK runs from 6th April to the 5th April of the following year. Please note that a Self-Assessment tax return is completely separate to a company tax return.
Corporation Tax is a bit like Income Tax for companies, but the difference is that companies don’t have a personal allowance. This means that as soon as your business starts making a profit, it needs to start paying Corporation Tax at the Corporation Tax rate (unless it’s previously made losses).
Whether an accountant already has a strong knowledge of the deceased’s financial affairs or if you have not worked with that accountant before, the combination of accounting, tax, law and administration skills required means they are often well placed to carry out this kind of work.
Picture this, December is almost over and January is fast galloping into sight bringing with it HMRC’s 31st January self-assessment deadline!
When you instruct JT AccountS to work on your Wills, Trust and Estate Administration, it means you can be confident that we possess the specialist knowledge and skills required to carry out your wishes. You can be assured that you will be in expert hands and we are taking all the necessary actions to plan for the future of your assets.
There comes a point in most people’s lives when they start to think about planning for their later years and eventually for when they leave this life, especially if they have dependants.
This initiative has already come into force for VAT-registered businesses with a taxable turnover above the current VAT threshold of £85,000. For VAT periods that started on or after the 1 April 2019, these businesses are now legally required to keep records digitally and use software to submit their VAT returns. There are a number of companies who may be exempt from this with a later start date of the 1 October 2019 and we can advice if this applies to you.