This week’s Spring Statement brought two announcements that will matter to anyone running their own business or earning income from property.
If you’re a high earner with between £100,000 and £150,000 in net adjusted income, you’ll soon receive a letter from HM Revenue & Customs (HMRC) regarding whether you need to continue submitting a Self-Assessment tax return.
Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) represents a significant shift in how individuals, including landlords, must report their income and manage their tax affairs.
With the Self-Assessment deadline passing on 31 January, it’s clear that many sole traders and business owners aren’t using allowable expenses and deductions to their full potential.
HM Revenue & Customs (HMRC) is now using new powers granted to them by the Government to target a key area of tax evasion – online traders.
We are now only 100 days away from the Self-Assessment tax deadline on 31 January 2024.
The clock is ticking for taxpayers, as the countdown to submit online Self-Assessment tax returns has begun.