Insights
Our experts provide their insights on the latest industry developments and share tips on accountancy and business matters.
Senga Prior
Tax Senior Manager
28 July 2022
Less than a year to go until Making Tax Digital for ITSAWith the first phase of Making Tax Digital now rolled out to all VAT registered businesses, the next milestone is on the horizon and quickly approaching. Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) will be live from April 2024 and it comes at the same time as changes to the basis period reform.
Nicola Sargeant
Tax Senior Manager
20 July 2022
Changes to the Trust Registration Service which may require action by TrusteesSince the introduction of the Trust Registration Service, the Anti Money-Laundering Directive requirements have changed and the introduction of the fifth MLD or “5MLD” means action may be required from trustees by 1 September 2022.
Nicola Sargeant
Tax Senior Manager
11 July 2022
Health and Social Care Levy to be separate to NICs from April 2023From April 2023, the HSCL will be separate to NIC and will also apply to those over state pension age.
29 June 2022
Are you aware of the tax implications of diversifying your farming business?In recent years, many farmers have considered diversification to improve the viability of their farming businesses. However, some may be unaware that moving away from their traditional farming activity could potentially jeopardise valuable tax advantages that are uniquely available to farming businesses.
10 June 2022
Make sure you’re prepared for the income tax basis period reformAlthough the Government’s reform to income tax basis periods has been deferred by a year, with 2023/24 now being the transitional year with full introduction in 2024/25, unincorporated businesses should start reviewing the implications now.
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