Making Tax Digital
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Making Tax Digital
Making Tax Digital (MTD) will affect most businesses by changing how business records are kept and how tax information is sent to HMRC.
The first stage of MTD was for VAT returns, and we have successfully helped our VAT registered clients to meet their MTD obligations.
The next stage, Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA), will become mandatory for certain self-employed individuals and property landlords from 6 April 2026. We will be able to recommend suitable software and help you prepare.
From 6 April 2023, we will also see changes to the ‘basis period’ rules for self-employed individuals who prepare accounts to a date other than 31 March or 5 April, with a number of considerations and choices to be made beforehand. If you are self-employed and your accounting date is not 31 March or 5 April, we will be able to advise you.
MTD for Income Tax for partnerships and limited companies will follow at a later date and we will keep you informed of any news that affects you.
Corporation tax
Corporation tax reliefs and rates change annually, so we ensure that we provide all the right guidance and advice when looking at exemptions, allowances and deductions that may be available.
We will thoroughly review and prepare your corporation tax returns in great detail to ensure you are compliant and that you don’t incur any penalties.
Self assessment
We can help with the complex issue of personal tax, we know it can be difficult to understand.
Our personal tax services make sure that your tax liability is calculated taking into account all allowable exemptions and deductions. We simplify the process by using accountancy software to accurately complete tax returns and calculate any tax liability that may occur, along with any payments that need to be made.
We offer comprehensive self-assessment services, catering to different client needs:
- CIS Tax Refund for Subcontractors
- Locum Medical Professionals
- Personal Tax Returns for Landlords
Capital gains tax
You may be looking at investments, a second property or other assets and our team can help ensure you maximise your exemptions while simplifying the difficult area of capital gains tax.
High Net Worth Individuals
We focus on proactive tax planning. Our team will analyze your financial situation, and long-term goals to create effective tax strategies. We will also work with your financial advisors to ensure your financial goals are met. Most business owners want to use the cash from Trading Limited to invest in other businesses or to purchase a property portfolio.
Our team is experienced in advising and setting up the group structure. Whether you are restructuring or acquiring a new business, our team will advise on the best solutions and obtain relevant HMRC clearances.