This time of year is a good time to start planning your tax affairs before the end of the tax year on 5th April.
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Every year Companies House publish a list of unusual excuses directors give for filing their companies accounts late. This year the list includes…
For most taxpayers the maximum pension input annual allowance is currently £40,000. However, from 2016/17 those taxpayers with ‘adjusted income’ over £150,000 and ‘threshold income’ over £110,000 receive a tapered annual allowance.
In 2016 the government consulted on a proposed abolition of Class 2 National Insurance Contributions (NICs) for the self-employed. This flat rate contribution, currently £2.95 a week is payable by the self-employed in addition to Class 4 contributions based on the level of profits.
HMRC have now issued their detailed guidance on the digital record keeping and return requirements for Making Tax Digital (MTD) for VAT.
HMRC have confirmed that no further Making Tax Digital (MTD) for business changes will be brought in before 2020 at the earliest.