HMRC plans to make tax payable sooner

The government is planning a radical policy change to collect tax sooner. What’s the full story? Consultation.  On 23 March 2021 HMRC launched a consultation entitled “Timely payment - a call for evidence”. Its purpose is to provide HMRC with information that will allow it to advise the government on collecting self-assessment tax sooner. This will have the … Continue reading HMRC plans to make tax payable sooner

Budget Summary March 2021

The highlights of the Chancellor's announcement: Coronavirus support the Coronavirus Job Retention scheme (furlough scheme) will be extended until the end of September 2021. From an employee’s perspective nothing will change but employers’ contributions will increase starting in Julythe fourth tranche of the Self-Employment Income support Scheme will go ahead and there will be a … Continue reading Budget Summary March 2021

What’s the latest on Making Tax Digital for income tax?

Making Tax Digital for income tax self-assessment (MTDfITSA) will launch in April 2023. Do you need to prepare for quarterly reporting? All individuals earning more than £10,000 business and/or property income per year are required to join MTDfITSA  from April 2023. The following will not need to join: Trusts, estates, trustees of registered pension schemes … Continue reading What’s the latest on Making Tax Digital for income tax?