Making Tax Digital for income tax is a key part of the Government strategy.
This month here at The Hollies Bookkeeping in Shropshire we want to provide you with a summary of the key measures announced by the government as part of a tax administration and simplification update,
These measures announced at the end of April, include a welcome delay to plans for mandatory payrolling of benefits in kind (BIK).returns digitally. They’ll also move from an annual return to quarterly returns.
If you are concerned about how any of the changes could affect your business, please contact The Hollies Bookkeeping Services on 01743 790086, email info@holliesbookkeeping.co.uk or visit www.holliesbookkeeping.co.uk
Government announces raft of tax simplification measures
This month here at The Hollies Bookkeeping in Shropshire we want to provide you with a summary of the key measures announced by the government as part of a tax administration and simplification update,
These measures announced at the end of April, include a welcome delay to plans for mandatory payrolling of benefits in kind (BIK).returns digitally. They’ll also move from an annual return to quarterly returns.
If you are concerned about how any of the changes could affect your business, please contact The Hollies Bookkeeping Services on 01743 790086, email info@holliesbookkeeping.co.uk or visit www.holliesbookkeeping.co.uk
Making Tax Digital for income tax – a guide for landlords
MTD for VAT-registered businesses was rolled out for those with turnover above the VAT threshold in 2019 and extended to all VAT-registered businesses in 2022.
What is MTD for ITSA?
The next stage of the initiative is Making Tax Digital for income tax and Self Assessment (MTD ITSA). This will require Self Assessment taxpayers to use government-approved software to file their tax returns digitally. They’ll also move from an annual return to quarterly returns.
If you are concerned about how any of the changes could affect your business, please contact The Hollies Bookkeeping Services on 01743 790086, email info@holliesbookkeeping.co.uk or visit www.holliesbookkeeping.co.uk