Making Tax Digital for Income Tax Self-Assessment (MTDITSA) Change is coming

The focus of MTDITSA is currently on self-employed businesses and property owners with annual income above £10,000.  Note that this is ‘income’, not net profits.  Furthermore, we understand this £10,000 is total income meaning that if you receive gross rental income of £6,000 and gross self-employment income of £6,000 you will have breached the £10,000 […]

R&D Claims – Changes are afoot and preparation is key

HMRC’s response has been twofold. Firstly, HMRC recently announced a pause in some Research & Development Tax Credit payments whilst they investigate irregular claims. This has led to significant delays in the payment of tax credits to clients, with HMRC failing to meet their target of 4-6 weeks. Secondly, a number of key changes will […]

HMRC is changing the way trading income is allocated to tax years

However, the government is looking to align all basis periods for unincorporated businesses with the tax year (6 April to 5 April).  This is to facilitate Making Tax Digital for Income Tax Self-Assessment which is due to begin on 6 April 2024. The reform of the basis period rules does not mean the accounting date […]