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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MTD

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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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Meandering thoughts on Capital gains chop in Autumn Statement

December 10, 2022Capital Gains Tax, MTD, self-assessmentLeave a commentadmin

It should have come as no real surprise that the Chancellor took the axe to relief on capital gains tax (CGT) in the government’s Autumn Statement. The changes are expected to raise some £1.6 billion…

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Making Tax Digital: avoiding VAT penalties

October 12, 2022Making Tax Digital, MTD, Tax, VATLeave a commentadmin

From 1 November 2022, VAT-registered businesses that do not yet comply with the Making Tax Digital (MTD) requirements will face penalties. Businesses should also be aware of the new VAT penalty regime being introduced from…

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Help to Grow: Digital scheme expanded

August 19, 2022Making Tax Digital, MTDLeave a commentadmin

The government’s Help to Grow: Digital scheme has just been expanded to businesses with at least one employee. Previously, only businesses with five or more employees were eligible. The scheme provides a 50% discount towards…

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Are you on top of Making Tax Digital’s latest developments?

July 6, 2022Making Tax Digital, MTD, National Insurance Contributions, self-assessment, Self-Employed, VATLeave a commentadmin

The widening scope of Making Tax Digital (MTD) is highlighting several issues, including the limited availability of the MTD for income tax pilot scheme, and low awareness of the recent expansion of MTD for VAT…

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Making Tax Digital Update

June 7, 2022Making Tax Digital, MTDLeave a commentadmin

Making Tax Digital (MTD) will become mandatory for the self-employed and landlords in 2024. Although there is no major news, a recent webinar co-hosted by HMRC has shed more light on the sign-up process, the…

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The next step for Making Tax Digital

April 16, 2022Making Tax Digital, MTDLeave a commentadmin

Making Tax Digital (MTD) for VAT has been in place for three years, but this first phase excluded voluntarily registered businesses beneath the registration threshold. From 1 April 2022, all VAT-registered businesses must implement MTD…

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Maxing Tax Digital delayed until 2024

October 11, 2021Income Tax, Making Tax Digital, MTDLeave a commentadmin

In recognition of the challenges to many businesses due to the pandemic, the government has delayed the introduction of Making Tax Digital (MTD) for income tax self-assessment (ITSA) by a further year. MTD will not…

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Are you ready for MTD?

September 21, 2021Income Tax, Making Tax Digital, MTDLeave a commentadmin

Making Tax Digital for income tax self-assessment may still be 18 months away, but if you are self-employed or a landlord, it is time to get ready for digital record keeping, ahead of the deadline.…

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Changes afoot for Basis period tax rules

August 11, 2021Income Tax, MTD, National Insurance Contributions, Pensions, self-assessment, Self-EmployedLeave a commentadmin

Although it looks like the next Budget will be pushed back to spring 2022, several tax changes are already on the cards, some more certain than others. The government’s fast progress with reform of the…

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Recent Posts

  • Making Tax Digital delayed once more
  • Associated company rules changing 1 April
  • High Income Child Benefit Charge: penalties and defaults
  • Cohabitation law reforms rejected
  • Tackling rising employment costs

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