Category

HMRC

Jun 04 2024
Potts & Co - Accountancy & Business Advice

Cash Basis By Default

By HMRC, Potts & Co Accountancy & Business Advice News
From 6 April 2024 the cash basis has replaced accruals as the default method for preparing sole trader and partnership accounts for tax purposes. Previously, only unincorporated businesses with total receipts below £150,000 were entitled to opt out of accruals and file their accounts with HMRC using the cash basis.…
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Apr 02 2024
Potts & Co - Accountancy & Business Advice

Capital Allowances For Partnerships

By Capital Allowance, Corporation Tax, Directors, HMRC, Potts & Co Accountancy & Business Advice News
HMRC has clarified the rules relating to capital allowances claims in mixed partnerships, confirming that all partners subject to corporation tax are eligible for enhanced capital allowances. Corporate taxpayers are entitled to certain accelerated capital allowances such as full-expensing and the super-deduction that are not available to individuals subject to…
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Mar 29 2024
Potts & Co - Accountancy & Business Advice

Making Tax Digital: Quarterly Update Returns

By HMRC, Making Tax Digital (MTD), Making Tax Digital For Income Tax Self-Assessment (MTD ITSA), Potts & Co Accountancy & Business Advice News, Self Assessment
HMRC has confirmed the mandation dates for making tax digital for income tax self assessment (MTD SA) as announced in the Autumn Statement 2023. From April 2026, taxpayers subject to income tax on their trade, profession, property income or business and who have income above £50,000 will be required to…
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