Changes are coming for anyone that pays Income Tax via Self-Assessment. Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) will be a requirement for anyone with a business and/or property income of more than £10,000 per year, from April 2024.
What is Self-Assessment? Self-Assessment is aimed at individuals whose income isn’t taxed automatically when it’s paid. So, while employees are generally taxed automatically by their employer through the Pay As You Earn (PAYE) scheme, the individual is responsible...
NOV 2021 UPDATE: In the autumn budget, the Chancellor announced that the 30 day CGT deadline for reporting disposal of a property would be increased to 60 days. This change was effective from 27 October 2021. New rules for Capital Gains Tax on residential...
With Bitcoin and cryptocurrency featuring more prominently in the news of late, people are inevitably curious to understand more about these investments and specifically the tax consequences. One misconception is that profits are
If you have not yet filed your self-assessment, the February extension gives you more time, but interest will still be added starting immediately. To the relief of many and with just days to go before the official 31 January deadline, HMRC granted a much-needed...
Following various amendments to the Furlough scheme (CJRS), the Government confirmed on Thursday 5 November that the UK wide scheme would be extended by a further five months, taking it until the end of March 2021. Extended support was also announced for millions of...
