NAVIGATING THE NUANCES OF TAXATION AND ACCOUNTS
Tax & Accounts Insights
We are dedicated to providing you with knowledge and understanding in the fields of accounting, taxation, and business acumen. Our carefully curated newsletters are designed to help you navigate the complexities of the business landscape and the nuances of financial and tax matters. We invite you to invest some time in reading our newsletters. We appreciate your interest and thank you for your time.
May 2024
Although making tax digital income tax self-assessment (MTD ITSA) is not mandatory until 6 April 2026 at the earliest, it is possible for certain individuals to join the HMRC pilot testing. HMRC have relaunched beta testing of MTD ITSA on 22 April 2024.
June 2024
P11d forms for reporting expenses and benefits in kind provided to employees and directors in 2023/24 need to be submitted by 6 July 2024. Note that paper forms are no longer acceptable; the return must be made online using PAYE Online for employers or commercial software.
July 2024
Both the Conservative and Labour parties have pledged not to increase income tax, national insurance or VAT, although the Labour party have pledged to introduce VAT on private school fees. Both parties are also committed to clamping down on tax avoidance and evasion which they claim will fund their spending plans.