The UK tax system is changing, with the introduction of Making Tax Digital (MTD). Find information about how MTD affects you and your business, what you need to do to comply, and when.
Making Tax Digital, or MTD for short, is an initiative actioned by HMRC to create a simpler, more efficient tax system for everyone involved. The scheme significantly changes the way businesses record and report tax information in a bid to streamline both processes and systems. MTD rules are rolling out in stages, with VAT-registered businesses…
Ah, Corporation Tax, the unavoidable pain in the wallet. But what’s it all about? How much is it and when do you have to pay? If you’re looking to start a limited company, then we thought it might be useful to go over the basics of paying tax on any profits your business makes. We…
HM Revenue and Customs (HMRC) use the Self Assessment system to collect income tax. While the idea of submitting a tax return can be daunting, Self Assessment is normally more straightforward than it seems (once you get past the terminology). Who needs to complete a Self Assessment tax return? In most cases, anyone who…
Managing VAT can seem a bit scary, but keeping accurate records doesn’t have to be the stuff of nightmares. Whether you’re new to VAT registration or just looking to make your process a bit more streamlined, we’ve put together this guide to help. We’ll walk you through everything you need to know about keeping records…
Bridging software allows businesses to link their financial records to HMRC in a way which complies with Making Tax Digital rules. Quite literally, it ‘bridges’ gap between non-compatible records and HMRC so that tax information can still be shared. What are the Making Tax Digital rules? Making Tax Digital, or MTD for short, was…
