Blog

The Accountants for Growth

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.
Continue reading
16 Hits
0 Comments

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.
 
Continue reading
20 Hits
0 Comments

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.
 
Continue reading
61 Hits
0 Comments

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.
 
Continue reading
82 Hits
0 Comments

If I sell my garden will I end up paying tax?

If I sell my garden will I end up paying tax?
Learn about the tax implications of selling or developing your garden. With demand for housing on the increase some home owners are selling their garden for development in order to cash in on their property - but will they get stung for tax in the process - read on to find out!
Before you decide to sell your garden or take the decision to develop it yourself you need to assess the taxation implications before making a decision. There are two taxes, income tax and capital gains tax that may come into play.

If the landowner chooses to develop the land, then H.M. Revenue & Customs are likely to consider this as a trade even if the developed area had previously been part of the garden. When the development starts, the building plot will convert from capital to stock at its market value.
Continue reading
80 Hits
0 Comments