Tax Tips and News
Extracting profits in 2024/25
Extracting profits in 2024/25 If you run your business as a personal or family company, you will need to extract your profits in order to use them personally outside your company, for example, to...
Making Tax Digital for landlords
Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) is introduced from 6 April 2026 From the outset, it will apply to unincorporated traders and landlords with annual business and/or...
NIC payable by the self-employed from April 2024
The self-employed have historically paid two classes of National Insurance – Class 2 and Class 4. However, this is set to change from April 2024 with the abolition of Class 2 National Insurance...
National Insurance cut for employees and directors
In his November 2023 Autumn Statement, the Chancellor announced a reduction in the main primary rate of Class 1 National Insurance from 12% to 10%. Rather than waiting until the start of the 2024/25...
The implications of late VAT registration
The implications of late VAT registration VAT registration is compulsory for any UK established persons who are in business and make or intend to make taxable supplies should either one of the...
Do we need to register for VAT?
Do we need to register for VAT? If you make VATable supplies, you will need to register for VAT if your taxable turnover reaches the VAT registration threshold. The VAT registration threshold is set...
Should I file my tax return early?
Should I file my tax return early? If you need to file a Self Assessment tax return for 2022/23, you have until midnight on 31 January 2024 in which to do this, as long as you file online. However,...
Mixed-use properties and SDLT
Mixed-use properties and SDLT For stamp duty land tax (SDLT) purposes, a property may be a residential property, a non-residential property or a mixed-use property. The classification is important...
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