Tag: Sole Trader

Making Tax Digital for VAT
HMRC

Making Tax Digital for VAT

The clock is ticking and MTD for VAT is now less than a year away. Preparations should be underway to identify and test the software that will be used to comply with MTD for VAT. Call our office today and let us advise you

Self-Assessment Tax Returns
HMRC

Self-Assessment Tax Returns

You’ll automatically receive a financial penalty. If your tax return is less than 3 months late this penalty will be £100, for any timescales after this you’ll receive a customised penalty depending upon the exact circumstances and how late you file.

Starting Business
HMRC

Starting a Business | Income Tax and Accounting

A business can choose the accounting date that best suits the business. This will affect the profits assessed in each tax year and the extent of overlap profits. A date early in the year will give the maximum cash flow benefit.