UK News Group’s Post

#Accountancy News! Less than half of Warwickshire businesses fully prepared for Making Tax Digital, survey reveals Less than half of Warwickshire business leaders are fully prepared for Making Tax Digital, according to a survey. A poll of Coventry and Warwickshire Chamber of Commerce members by Prime Accountants Group has revealed that only 47 per cent are fully prepared for HMRC’s Making Tax Digital, while 49 per cent describe themselves as ‘somewhat prepared’ or ‘unprepared’. Click here to read more -> https://bit.ly/4dTbLBH -> Steve Harcourt -> #Accountants #Tax #MakingTaxDigital #Survey #UKNewsGroup #WestMidlands

Is My Auto-Assessment Correct? – The Steps Necessary to Ensure Compliance Auto-Assessment Notices Auto-assessment is aimed at streamlining tax filing by using data from employers, banks, and other sources to calculate your taxes automatically. This service is intended for taxpayers with straightforward tax situations, specifically non-provisional taxpayers. SARS has recently announced the dates for the 2024 Filing Season, which are: Auto-assessment notices sent out by SARS: from 1 July 2024 to 14 July 2024. These notices are sent to taxpayers. Individual taxpayers (non-provisional): 15 July 2024 to 21 October 2024 Provisional taxpayers: 15 July 2024 to 20 January 2025 Trusts: 16 September 2024 to 20 January 2025. Taxpayers are ultimately responsible for ensuring that their taxes are correctly filed and paid. Tax practitioners are responsible for providing tax-related advice and ensuring that all relevant returns are submitted on behalf of their clients. Click on the link to learn more: http://surl.li/yxiyhg . . . The Remote Bookkeeper [email protected] +27 83 655 8467 Check out our website: https://lnkd.in/gNHAeRYN #TheRemoteBookkeeper #Accounting #SARS #Tax

The mandatory rollout of Making Tax Digital for Income Tax (MTD for ITSA) is scheduled to begin in April 2026. The process will significantly adjust how businesses, self-employed individuals, and landlords engage with HMRC. The system will require businesses and individuals to register, file, pay, and update their details through an online tax account. #MTDforITSA #MakingTaxDigital

The mandatory rollout of Making Tax Digital for Income Tax (MTD for ITSA) is scheduled to begin in April 2026. The process will significantly adjust how businesses, self-employed individuals, and landlords engage with HMRC. The system will require businesses and individuals to register, file, pay, and update their details through an online tax account. #MTDforITSA #MakingTaxDigital

The mandatory rollout of Making Tax Digital (MTD) for Income Tax is set to begin in April 2026. MTD for ITSA will bring substantial changes to how businesses, self-employed individuals, and landlords interact with HMRC. The system will require them to register, file, pay, and update their details through an online tax account. #MakingTaxDigital #DigitalTaxReform #MTDUK

Basis period reform is having a significant impact on our members as they support their clients. Where information about overlap profits is not known, we have encouraged our members to use HMRC’s G-form instead of phoning HMRC helplines as this should mean that the information is received more quickly. As the 31 January 2025 submission deadline for 2023/24 tax returns approaches, we are aware that demand for the G-form is increasing, so we would encourage our members to request overlap profit details using the G-form as soon as possible to help ensure that HMRC can respond to the request in time to submit the client’s 2023/24 tax return on time without having to use estimated figures. The latest developments in basis period reform are summarised in this article on the ICAS - The Professional Body of CAs website. As ever, we would be interested to hear your feedback - you can contact us by emailing [email protected].

Did you know companies can claim R&D tax credits up to 24 months after their accounting period ends? But here's the catch - if you haven't claimed in the last three years, there's a new rule in play! You need to inform HMRC within six months after your accounting period. Need help navigating these waters? We can help https://lnkd.in/eSpQztkH  #TaxCredits #Innovation #HMRC #AccountingAdvice

HM Revenue & Customs' annual report is out! Here are the highlights: 💰 Record Tax Revenues: HMRC collected £843.4 billion, driven by frozen income tax thresholds and increased Corporation Tax rates. 🕳️ Widening Tax Gap: Now at £39.8 billion (4.8% of tax due), with small businesses accounting for 60%. 🔍 Compliance Yield Up: HMRC's efforts resulted in £41.8 billion additional revenue, focusing more on preventing non-compliance. 🧪 R&D Relief Challenges: Error and fraud remain high at £601 million (7.8% of expenditure), especially in the SME scheme. 📱 Digital Push: New measures include mandatory digital R&D claims and increased compliance checks. 🔄 Benefits Changes: Personal Tax Credits error/fraud at 4.7%, while Child Benefit sees its first audit qualification at 1.6%. What are your thoughts on these developments? How do you see them impacting your work or your clients? https://lnkd.in/e2Un4y5a #UKTax #Accounting #HMRC #TaxCompliance

📢 Do you need to file a self-assessment tax return? If you're self-employed, a partner, or a company director, HMRC requires you to submit an annual self-assessment tax return. Each year, many people miss the registration deadline and face hefty penalties—don’t let that be you! With the deadline fast approaching, now is the perfect time to ensure your tax return is submitted on time. If you’re unsure or need assistance, we’re here to help! 👇🏼 Learn more and get support here: https://lnkd.in/ex2yNZtd #SelfAssessment #TaxReturn #Accounting #Accountants #TaxPlanning

𝐈𝐧 𝐭𝐡𝐢𝐬 𝐛𝐥𝐨𝐠, we covered everything you need to know about the government’s self-assessment tax return requirements. We covered the basics of registration and what you need to do to complete your annual return and pay your tax bill to avoid fines and penalties. 𝐓𝐡𝐞 𝐛𝐥𝐨𝐠 𝐢𝐬 𝐚 𝐛𝐢𝐭 𝐥𝐨𝐧𝐠, 𝐬𝐨 𝐰𝐞’𝐯𝐞 𝐛𝐫𝐨𝐤𝐞𝐧 𝐢𝐭 𝐝𝐨𝐰𝐧 𝐢𝐧𝐭𝐨 𝐭𝐡𝐞 𝐟𝐨𝐥𝐥𝐨𝐰𝐢𝐧𝐠 𝐦𝐚𝐧𝐚𝐠𝐞𝐚𝐛𝐥𝐞 𝐜𝐡𝐮𝐧𝐤𝐬: - What is self-assessment - When do I need to complete a self-assessment - How do I register and then file a self-assessment - What are the deadlines set by HMRC - Are there any fines or penalties if I don’t meet a deadline - Filing your return and paying your tax bill - Payments on account - What expenses can I claim on my self-assessment - Making Tax Digital for Income Tax Self-Assessment (‘MTD for ITSA’) - Useful links to HMRC guidance. If you need more information, please follow the link: https://lnkd.in/dMA7AhfF Feel free to reach us on +44 203-519-2121 OR email us on [email protected] Learn more on www.initor-global.co.uk #initorglobaluk #selfassessment #accountingoutsourcing #outsourcingsolutions #outsourcingcompany #taxreturn #taxhelp #vat #payroll #accounting #business #smallbusiness #bookkeeping #accountant #finance #taxes #taxseason #payrollservices #accountingservices #cpa #bookkeeper #accountants #bookkeepingservices #taxprofessional #taxrefund #payrollmanagement #yearend #taxation #secretarialservices #taxreturn