Femi O. Ogunshakin – Solicitor & Tax Advisor

Femi O. Ogunshakin – Solicitor & Tax Advisor

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Femi O. Ogunshakin – Solicitor & Tax Advisor

Femi O. Ogunshakin – Solicitor & Tax Advisor

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Making Tax Digital

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Making Tax Digital expands

April 16, 2025Making Tax Digital, self-assessment, Self-EmployedLeave a commentadmin

Self-employed people and landlords with an income between £20,000 and £30,000 will be required to use Making Tax Digital (MTD) from 6 April 2028. This will bring a further 900,000 low-income taxpayers under the MTD…

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Making Tax Digital Expands

April 3, 2025Landlord, Making Tax Digital, MTD, self-assessmentLeave a commentadmin

Self-employed people and landlords with an income between £20,000 and £30,000 will be required to use Making Tax Digital (MTD) from 6 April 2028. This will bring a further 900,000 low-income taxpayers under the MTD…

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What’s new on MTD?

March 6, 2025Landlord, Making Tax Digital, MTD, self-assessment, Self-EmployedLeave a commentadmin

A busy start for HMRC on Making Tax Digital (MTD) for 2025 with focus falling on new guidance for three-line accounts and joint property income. Self-employed individuals and landlords with an annual income of more…

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Making Tax Digital latest

February 9, 2025High Income Child Benefit Charge, Making Tax Digital, MTDLeave a commentadmin

Although Making Tax Digital (MTD) for the self-employed and landlords is still more than a year away, the October 2024 Budget further extended its scope with the announcement that it will apply to those with…

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Making Tax Digital Update: Small Business Review

February 7, 2024Making Tax Digital, MTD, self-assessmentLeave a commentadmin

The outcome from the Making Tax Digital (MTD) small business review is that MTD for income tax self-assessment (ITSA) will not be extended to those earning under £30,000 for the foreseeable future. MTD ITSA for…

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Cash basis to become default

January 4, 2024Income Tax, Making Tax Digital, self-assessment, Self-EmployedLeave a commentadmin

From 2024/25, restrictions to the cash basis will be removed, making it the default method for calculating trading profit for the self-employed and most partnerships. The accruals basis is currently the default, with a business…

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Tax gap at all-time low

July 27, 2023Making Tax Digital, MTD, TaxLeave a commentadmin

The tax gap is the difference between the amount of tax that should, in theory, be paid to HMRC, and what is actually paid. For 2021/22, the gap was at an all-time low of 4.8%…

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The demise of paper tax returns

May 8, 2023Benefits, Capital Gains Tax, Making Tax Digital, self-assessmentLeave a commentadmin

More than 12 million taxpayers file self-assessment tax returns, but less than 3% do so using a paper return. Given this low demand, HMRC is reviewing the current paper filing service. HMRC stopped sending out…

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21st century Revenue – HMRC’s app and new texting service

March 1, 2023Income Tax, Making Tax Digital, self-assessmentLeave a commentadmin

HMRC’s app was launched a year ago and is gaining in popularity as it is being used to pay self-assessment tax bills. A more recent HMRC innovation is a new service for texting replies to…

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Making Tax Digital delayed once more

January 27, 2023Making Tax Digital, MTD, TaxLeave a commentadmin

With the self-employed and landlords facing a challenging economic environment, the government has again delayed the introduction of the Making Tax Digital (MTD) scheme for income tax self-assessment (ITSA) – this time by two years…

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