There has been much discussion about Making Tax Digital for Income Tax but what is it and what does it mean for you. What is MTD for IT? MTD for IT is a fundamental change in the way that Sole Traders and landlords report their income to HMRC, moving away from the...
There was a huge amount of information within the budget documents so here are the main points for businesses. What hasn’t changed? The main rate of Corporation tax is still at 25% and appears to be capped for the duration of this parliament Full expensing on capital...
There was a huge amount of information within the budget documents so here are the main points for individuals. What hasn't changed Income tax rates and thresholds remain the same and continue to do so until 2028/29. The government have said that they will then rise...
Today marked the first budget presented by a female chancellor of the exchequer and the biggest tax raising budget since 1993, raising £40bn. Here we summarise the key changes you need to know about: National Living Wage The rate will increase by 6.7% to £12.21 per...
On 29 July the Chancellor Rachel Reeves revealed the first budget will take place on 30 October 2024. In her speech she painted a grim picture of the country’s finances so what can we expect from the budget? Personal Taxes - the Labour party manifesto pledged not to...
HMRC announced yesterday permanent changes to their self assessment, PAYE and VAT helplines, forcing a shift to more use of online services. The changes being made are: Self Assessment The service will only run from 1 October to 31 January each year for...