On 6 March 2024, Chancellor Jeremy Hunt presented his Spring Budget to Parliament. In the knowledge that the government must hold a general election before 28 January 2025, this was a Budget designed to restore confidence and win voters. But...
Posts Tagged ‘MTD’
Autumn Statement 2023 – What You Need To Know
On 22 November 2023, Chancellor Jeremy Hunt presented his Autumn Statement to Parliament and started making, in his words, the long-term decisions necessary to strengthen the economy and build a brighter future. Fueled by falling inflation and stabilised public finances,...
Spring Budget 2023: What You Need To Know
On 15 March 2023, Chancellor Jeremy Hunt presented his first Budget to Parliament and set out a plan to reduce inflation, grow the economy and get government debt falling all whilst avoiding a recession and tackling labour shortages. Here is a...
MTD For VAT For All
Under Making Tax Digital (MTD) for VAT, VAT-registered traders must keep electronic records and file their VAT returns electronically using software that is compatible with MTD for VAT. Prior to 1 April 2022, MTD for VAT was only mandatory for...
March Budget 2021: What You Need To Know
In the Chancellor’s second real Budget on 3 March 2021 he announced that he had to level with people about the state of the UK economy. Rishi Sunak has chosen a fine line between raising taxes to start paying down the...
A Guide To The Budget 2020
On 11 March 2020, the Chancellor of the Exchequer, Rishi Sunak, delivered his first Budget in the House of Commons. Just before the Budget announcement, Mark Carney from the Bank of England announced a reduction in UK interest rates from 0.75%...
MTD Software – What Do You Need?
Making Tax Digital (MTD) for VAT went live on 1 April 2019. VAT registered businesses with VATable turnover above the VAT registration threshold of £85,000 are required to comply with the requirements of MTD for VAT from the start of...
Keeping Records Of Rental Income And Expenses
Unless rental income is less than £1,000, landlords must declare it to HMRC and pay tax on any profit made by the property rental business. The profit can be calculated by deducting allowable expenses from rental and other income of the...
Making Tax Digital – Are You Ready For It?
Making Tax Digital (MTD) is a major overhaul of the UK tax system. Originally announced during the 2015 Budget, MTD is a new method of tax collection and administration from HMRC which, from 1 April 2019, will require businesses who...
The Importance Of Keeping Good Business Records
To ensure that you pay the correct amount of tax and file correct tax returns with HMRC, it is vital that you keep complete and accurate records. This applies regardless of whether you are running a business as a sole...