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Making Tax Digital (MTD) For Property Landlords (PL)

Making Tax Digital (MTD) For Property Landlords (PL)

When does MTD come in for PLs?
The earliest date would be 6th April 2023.

When would a PL have to register for MTD?
The earlier of:

The tax year following that in which your gross rental turnover figure exceeds £10,000 or more.
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The New HMRC Late Payment Penalty (LLP) Regime

The New HMRC Late Payment Penalty (LLP) Regime
What is the aim?
· To bring the LPP regime in line for both VAT and income tax.
 
When will the new penalty regime start?
· For VAT - accounting periods beginning on or after 1st April 2022.
· From an income tax perspective, for those self-employed and property landlords who will be caught by Making Tax Digital for Income Tax Self-Assessment (MTD ITSA) – Accounting periods beginning on or after 6th April 2023.
· For those remaining taxpayers still caught up within the SA Return system – Accounting periods beginning on or after 6th April 2024.
 
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Watch out Self Employed - Changes Ahead

Watch out Self Employed - Changes Ahead
Who does this affect?
·       Unincorporated businesses (sole-traders, partnerships, and limited liability partnerships) whose accounts year does not end between 31st March and 5th April.
 
What is the present position?
·       For a particular tax year, you are normally taxed on the net profit per the accounts which end in that tax year.
 
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The Self Employed - Change of Basis Period 2022/23

The Self Employed - Change of Basis Period 2022/23
The Present Position
·       For a particular tax year, the S/e are normally taxed on the net profit per the accounts which end in that tax year. This is called the basis period.
 
Example of the Present Position
·       Tom has been S/e for a number of years and draws up accounts to 30th April each year. 
·       His accounts to 30th April 2021 shows net profit of £30,000. That is taxable in the 2021/22 tax year.
 
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Cloud Accounting

Cloud Accounting
Let’s face it, most people see accounts as a necessary evil and they play little part in helping business owners make better decisions. However they are a necessity in order to comply with the law and tax authorities, so if we have to do them we may as well do them properly and in a way that adds benefit to the business.

We can make accounts a very important management tool that reports in real time the financial performance of your business. We do this via our cloud accounting solution where you can choose from a number of software solutions and support packages that best suit your business.
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Budget Press Release

Storm clouds revealed by the Budget will force taxpayers in Birmingham to work an extra 2 years without pay to balance the country’s books
 
Birmingham accountants James, Stanley & Co. Limited have today launched two free initiatives to prevent local taxpayers and businesses being drowned by the storm clouds identified in the small print of George Osborne’s Budget. Launching the initiatives James, Stanley & Co. Limited partner Andrew James said:
 
“Inevitably the likes of the sugar levy, school reforms, lifetime ISAs, business rates exemptions and flood defence spending promises will grab most of the headlines. But the real story today is not about the detailed announcements, which ranged from innovative and genuinely useful to window dressing and spin. It is not even about the prediction that there are storm clouds on the horizon.
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Welcome to our new website!

Welcome to our new website!
 
On behalf of the team at James, Stanley & Co, we welcome you to our newly updated website. Please have a look around and let us know what you think.
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How do we get into debt?

How do we get into debt?

This week we held a Business Builder Forum on the subject of debt which many of us face in our business and personal lives. The Forum was enjoyed by all the delegates who gave us great feedback and I now share some of the most significant points in the blog.

 

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Pricing for Maximum Profit

Pricing for Maximum Profit

Pricing is the most important element in the profit equation – get your pricing right and you can transform your financial results.

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Business Success & Failure

Business Success & Failure

With 30 years’ experience in public practice as a Chartered Accountant I have seen many success stories and business failures. When I look back at the individual cases of success and failure there are, without doubt, common features to the successful business and those doomed to failure.

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Insight Series | Jewellers

Insight Series | Jewellers

One of our oldest clients is a jeweller and as such, we have provided a number of services to our clients in this industry with the right insight they need to succeed. We’d like to see the same for your company, so from our team to yours, here are ten ways to transform your business today:

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Insight Series: Photography

Insight Series: Photography

James, Stanley & Co Ltd has been helping photographers for over 20 years. As such, we have provided a number of services to our clients in this industry with the right insight they need to succeed. We’d like to see the same for your company, so from our team to yours, here are some quick tips to attain the James Stanley Standard for your photography business!

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Why you should Benchmark your Business

Why you should Benchmark your Business

Benchmarking is simply the process where you compare your financial results with your competitors and it is one of the most widely used management tools.

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Strategic Reports

Strategic Reports

For financial years ending on or after 30 September 2013 all UK companies other than those entitled to claim small company exemptions are required to include a Strategic Report as well as a Directors’ Report as part of their annual accounts reporting package.

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Systemise your business for a better life

Systemise your business for a better life

Last evening I went out for a drink with a long standing client of the practice and we lamented on how our respective businesses were dependent on ourselves – the more successful we get the harder we have to work.

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Total Accounting Solution

Total Accounting Solution

In the coming weeks we are launching our new service called the James Stanley & Co Total Accounting Solution.

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Credit Control

Credit Control

Last week I ran a successful seminar entitled ‘How to get paid on time every time’. The delegates considered 17 separate strategies which they could use in their respective businesses in order to improve their debtor collection.

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Flat Rate Scheme for Importers

Flat Rate Scheme for Importers

The Flat Rate Scheme is not always a good system to adopt if your business has a substantial amount of zero rated purchases as is the case when you import extensively from EU suppliers.

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Andrew's Pick | One Page Plan

One of the most powerful tools in our AVN toolkit is the One Page Plan – it is so useful that we recommend that all of our clients use it to help drive their businesses forward. The One Page Plan is exactly what is says – a business plan that fits on to a single sheet of paper.

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Forest of Dean Challenge

Forest of Dean Challenge

On Saturday, 14 June,  the two teams from James, Stanley & Co set off at some unearthly hour for the Forest of Dean to take part for the second year running in the St Basils annual fundraising walk. We were joined by Kelly Envine and Rob Ison of Oak Lodge Facilities Ltd who are a client of ours in the construction sector.

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