From January 2025, digital platforms such as eBay, Airbnb, Etsy and Vinted will have to routinely collect and report sellers’ income to HMRC.
These are relevant dates and potential penalties for self-assessment returns, alongside possible options if you can’t meet the deadlines.
Here are the tax implications relevant to providing a gift/event to best please your employees, whilst also being financially sensible.
Sole traders & partnerships: If your year-end is not 31 March or 5 April, HMRC is changing how it will assess your profits.
If you’re considering using a piece of cloud-based accounting software, such as Xero, QuickBooks, or Sage, then it’s important you understand what each option can offer you. What follows are some worthwhile considerations…
Have you increased the value of your goods, supplies or labour, to maintain your profit margins? If so, and you are not already registered for VAT, you will need to keep a close eye on your turnover. You might go over the VAT threshold without realising it.
In an attempt to slow price rises, the Bank of England has increased interest rates for the thirteenth consecutive time to 5%, the highest in almost 15 years.
When establishing a business, one crucial decision is determining the appropriate legal structure. For entrepreneurs and investors looking to expand their operations, the choice between incorporating or not can significantly impact their prospects and overall success.
The new tax year has begun; this means we can now submit your tax return for the year ending 5 April 2023. The final deadline may seem a way off, but submitting as early as possible is always preferable, so you are aware of any tax liabilities in good time. Here’s a checklist of things you may wish to consider.
After April 5 2025, you’ll only be able to fill National Insurance gaps going back 6 tax years, so if you have many years missing on your record, you should start considering what you can do about this.
There are always competing factors to consider when thinking about your March year-end as a company. How prepared do you feel?
For a round-up of what the Spring Budget contained and how this might affect you, please read our summary of some of the major changes.
