The media storm surrounding HMRC taxing eBay and other online sellers from the start of 2024 was, in fact, itself counterfeit goods. A crop of stories across social and traditional media swirled across the start…
Making Tax Digital Update: Small Business Review
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…
Cash basis to become default
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…
Handy hints ahead of self-assessment
The 31 January 2024 deadline for submitting a 2022/23 self-assessment tax return is not far off, especially for those not yet registered. Anyone who has not previously registered for self-assessment – but needs to submit…
Finalising tax return figures and filing early
HMRC is chasing taxpayers who have submitted tax returns for 2021/22 containing unresolved provisional figures, while also extolling the benefits of filing early for 2022/23. What are provisional figures? A provisional figure is not the…
Tax and your home solar panel system
With continuing high electricity prices, now could be a very good time to install solar panels at your property. Unless a solar battery is part of the system, it makes sense to sell excess electricity…
Self-assessment threshold rises from 2023/24
There is a long list of reasons why it is necessary to complete a self-assessment tax return, but PAYE taxpayers are generally exempt from the requirement. Previously, exemption was subject to a £100,000 income ceiling,…
2023/24 – the 23-month tax year?
If you are self-employed, the new tax year may be longer than you think. If you are self-employed, until 2023/24, you have normally been taxed on the profits made in the accounting year that ends…
Second Tax Day brings change and consultation
The second ever Tax Administration and Maintenance Day (Tax Day) took place on 27 April, with the government publishing a range of technical proposals and consultations. The Tax Day announcements were grouped around simplification and…
Cash basis reform: potential turnover threshold changes
With basis period reform now underway, HMRC is looking at further tax simplification for sole traders and partnerships by increasing the cash basis turnover threshold. The cash basis scheme removes complexities such as accruals and…