Self Assessment Archives - Page 2 of 2

Nov 29 2023

Potts & Co - Accountancy & Business Advice

MTD Simplification

By admin HMRC, ITSA (Income Tax Self Assessment) , Making Tax Digital (MTD), Making Tax Digital For Income Tax Self-Assessment (MTD ITSA), Potts & Co Accountancy & Business Advice News, Self Assessment

A dramatic simplification of the MTD processes to be introduced in 2026 including no EOPS; cumulative submissions each quarter; and restrictions for complex situations. Taxpayers with turnover over £50,000 will be brought into MTD ITSA (Income Tax Self Assessment) from April 2026. The £50,000 threshold applies to gross total self-employment…

Nov 28 2023

Cash Basis To Replace Accruals

By admin HMRC, Making Tax Digital (MTD), Potts & Co Accountancy & Business Advice News, Self Assessment

Cash basis to replace accruals for the self-employed as standard tax reporting method for 2024-25 (first year of tax year accounting). From April 2024, as part of a move to simplify calculation of taxable profits for Making Tax Digital, all self-employed taxpayers and partnerships will by default report their taxable…

Sep 10 2022

Working At Home Deductions

By admin HMRC, Potts & Co Accountancy & Business Advice News, Self Assessment, Working From Home Allowance

There are now almost 10 million people who work from home and can benefit from the tax-free allowance of £6 per week (£26 per month) which their employer may choose to pay. Employers can reimburse larger amounts to home-based employees if the employees can prove that their in- creased variable…

Dec 14 2021

Delays To Income Tax Repayments

By admin HMRC, Potts & Co Accountancy & Business Advice News, Self Assessment

The UK tax system is under attack from fraudsters who attempt to register numerous people for self-assessment then submit false repayment claims. To counter this attack HMRC has been checking self-assessment registration applications and repayment claims in greater detail. Taxpayers who have not claimed a repayment before may be asked…

Nov 26 2021

Changes For Self-Employed Tax Returns

By admin Budget Update, HMRC, Making Tax Digital (MTD), Potts & Co Accountancy & Business Advice News, Self Assessment

Making tax digital for income tax self assessment (MTD ITSA) will replace the self assessment tax return for unincorporated businesses from April 2024 for sole traders and from April 2025 for most partnerships. The MTD ITSA regulations will require you to keep records of your business transactions in a digital…

Nov 23 2021

Capital Gains Reporting Pressure Eased

By admin Budget Update, Capital Gains Tax, HMRC, Potts & Co Accountancy & Business Advice News, Self Assessment

If you sell a UK residential property subject to capital gains tax (CGT) you must report the gain and pay the tax within 30 days of the completion date of the deal. The report generally has to be done online through a UK property account which needs to be activated…

Dec 13 2020

Nudging to Correct the Tax Return

By admin HMRC, Income Tax, Making Tax Digital (MTD), Potts & Co Accountancy & Business Advice News, Self Assessment

HMRC uses data from many sources such as banks, land registries, and Companies House to cross-check information reported on self assessment tax returns. If HMRC's computer finds a mismatch between the third party data and your 2018-19 tax return you may receive a letter asking you to review your return.…

Mar 02 2020

Pay Capital Gains Tax in 30 Days

By admin Capital Gains Tax, HMRC, Potts & Co Accountancy & Business Advice News, Property

If you are planning to sell a residential property this year be prepared to pay any capital gains tax (CGT) due within 30 days of the completion date. CGT has normally been payable by 31 January after the end of the tax year in which the contracts are exchanged but…

Dec 19 2017

Simple Assessments Have Arrived

By admin PAYE, Personal Tax, Potts & Co Accountancy & Business Advice News, Self Assessment

The self-assessment tax return system has been with us for over twenty years now and it is certainly not simple. Pensioners, in particular, find that they are required to submit a tax return each year to report their various different sources of pension and savings income and to pay a…

Jun 06 2017

Simple assessment

By admin HMRC, Potts & Co Accountancy & Business Advice News, Self Assessment

HMRC often asks pensioners to complete a tax return if their state pension is not covered by their personal allowance, which means that a small amount of tax is due for the year. Completing the tax return can be stressful for the taxpayer and it appears to be unnecessary, as…

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