HMRC
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What is the HMRC penalty system for Making Tax Digital?
As well as a new, digitised tax system, Making Tax Digital Making Tax Digitalfor VAT will also see the introduction of two new HMRC penalty regimes for late submissions and late payments, which will subsequently apply to Income Tax Self Assessment. As long as you continue to be diligent about deadlines, there’s nothing to worry […]
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How to save up to £3,000 in tax being self-employed
Changes in the way the self-employed must report tax mean sole traders could face having to pay an additional £3,000 in tax. Becoming a limited company could reduce your tax bill, says Marcin Durlak
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Making Tax Digital for VAT: 6 simple tips to get your business ready
Making Tax Digital for VAT requires you to keep digital VAT records and submit VAT returns using compliant software. Failure to do so could result in penalties. But don’t worry if you’re feeling uncertain or wary about the coming changes. Just follow these six simple tips and you’ll be ready for MTD for VAT. 1. […]
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Penalties waived for businesses missing tax deadline
Late filing and late payment penalties to be waived for one month for self-assessment taxpayers