Making Tax Digital for income tax

From April 2024, sole traders and unincorporated landlords with business or property income of £10,000 or more, will be required to join Making Tax Digital (MTD). This means that those affected must use MTD-compliant digital software (such as Xero) to [...]

2021-12-02T12:46:35+00:00December 2nd, 2021|Personal Tax|

Residence & domicile after Brexit

For most UK citizens, the question of what income and gains should be included on their tax return is easily answered because they are both UK domiciled and UK tax resident. Anyone domiciled and resident in the UK will need [...]

2021-10-07T10:41:08+01:00October 1st, 2021|Personal Tax|

2020/21 income tax returns & SEISS

If your unincorporated business was adversely affected by the pandemic and had annual trading profits of £50,000 or less, you would’ve been eligible to obtain the first three taxable grants via the SEISS in 2020/21. These need to be included [...]

2021-10-07T10:41:11+01:00October 1st, 2021|Personal Tax|

Basis period rules in line for reform

Sole traders and partnerships could be about to see significant changes to the ways in which they are taxed. The Government plans to reform the basis period rules in a bid to simplify how unincorporated businesses allocate trading profits to [...]

2021-09-06T13:38:39+01:00September 1st, 2021|Personal Tax|

Business costs you can reclaim

If you’re self-employed, your business will rack up various running costs throughout 2021/22. Some of those you’re able to deduct as allowable expenses. By deducting these allowable expenses as part of calculating your business’s taxable profits, it’s possible for us [...]

2021-08-09T16:54:39+01:00June 1st, 2021|Personal Tax|