Individuals with significant income – including the self-employed – are presently required to file one tax return a year. From April 2024, HMRC’s Making Tax Digital program is being expanded to include self-employed individuals and landlords with business or rental income in excess of £10,000. This is described as MTD for ITSA (Income Tax Self-Assessment) […]
Monthly Archives: April 2022
In preparation for the introduction of Making Tax Digital for Income Tax Self-Assessment the basis period rules for unincorporated businesses are being abolished. Instead, unincorporated businesses will be assessed on the profits actually earned in the tax year. The new rules take effect from 2024/25, with 2023/24 being a transitional year. This will affect you […]
The present 19% rate of Corporation Tax applies to all companies whatever their size. From 1 April 2023, this flat rate will cease to apply and will be replaced by variable rates ranging from 19% to 25%. A small profits rate of 19% will apply to companies whose profits are equal to or less than […]
- 1
- 2