Making Tax Digital for Income Tax: What You Need to Know by Liburd Gallagher Accountancy Making Tax Digital (MTD) is transforming how self-employed individuals and landlords manage their tax obligations. From April 2026, those earning over £50,000 annually must comply with MTD rules for Income Tax – ensuring a smooth digital process for tax reporting. […]
What is the New Minimum Wage in the UK and How Will It Affect You? In this article The topic of the minimum wage is something that touches everyone, whether you’re an employee, an employer, or someone who’s simply curious about how changes in wage laws affect the economy. With recent changes to the minimum
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For this blog topic, I thought it would be helpful to run through the recent changes in Corporation tax thresholds which have recently come into effect. These changes are going to affect new businesses a great deal, and we should know how they work.
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Do you own a car or van that is used solely for business? Leasing personal assets explained.
The 2024 Labour Budget has a double-edged impact on the UK small business community, which raises new costs for many firms whilst giving others fresh growth opportunities and important support.
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In 2022, we experienced an annual inflation rate that averaged more than 8%. Unfortunately, rising prices present challenges for small business owners. Not only does inflation eat into your profits, but skyrocketing costs can also leave you cutting corners in ways that might have a negative impact on your customer base.
If you’re applying for or renewing a licence for a taxi, private hire, or scrap metal, you may need to complete a tax check. This ensures that you are registered for tax and have fulfilled your tax obligations. You will still need to complete a Self-Assessment tax return, this is seperate
National Insurance changes in July. How will it affect you? July National Insurance changes From 6 July 2022, the threshold at which workers start paying National Insurance will increase by £3,000. It means less of workers’ income will be subject to National Insurance as they will earn up to £12,570 a year before they pay
Inheritance tax: Seven easy ways to slash HMRC bill AFTER the passing of a loved one While it’s well documented how to reduce how much inheritance tax Britons have to pay before a loved one dies, people often overlook what can be done after they have passed. It’s entirely possible to make huge savings if
How to work out your income for tax credit claims and renewals OverviewWhen you claim tax credits, you’ll need to give details of your total income. You’ll also need to work out your income when you renew your tax credits each year. Usually, what you’re entitled to is based on your income for the last
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