Making Tax Digital for Self-Assessment of Income Tax (MTD for ITSA) A new Income Tax Self-Assessment system called Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) will take effect on April 6, 2023. What does MTD for ITSA mean, how will it affect you, and what action will you need to take? We hope…
A Quick Short Guide to HMRC & IR35 The IR35 remains controversial for many self-employed people, especially after introducing new changes in April 2021. Many contractors are concerned about this issue, but it cannot be easy to understand and follow, so we also understand if this law affects your sanity. Many people may not think…
A Guide to Making Tax Digital (MTD) With the pandemic streaming at its height, the UK’s economy was adequately locked down to protect the NHS, and there was no other option than to be digital. So millions worked from home, shopped online, and got socialised more virtually, and it became a new normal. Moreover, now…
How Do I Manage My Tax as a Freelancer? Freelancing comes with multiple perks, and one of them is freedom. But, like other things, freelancing also has its pros and cons. Thus, anyone looking to start their career as a freelancer should know what these may be. For example, one of the prime concerns for…
There can be reasons why even a startup business feels that it’s the right time to Change Accountants. To give your business the right direction, switching to a new Accountant can be the first step. The process of switching your Accountant can be simple. The entire process of changing your accountants can be achieved with the…
The pandemic brought uncertainty and despair to the whole world. As businesses shut down and people had no means of income, it became clear that the government had to intervene to save further economic collapse. In England, Chancellor Rishi Sunak introduced the furlough scheme when the pandemic began. The idea behind the scheme was to…
On September 16, the HMRC released the figures for the pre=pandemic period of 2019/20. It shows a UK 2bn rise in the estimated tax gap. The reason behind this is the persistent increase in the VAT gap. The annual data evaluates a contrast between the total tax expected to be paid and the amount paid.…
With more and more people in the UK opting to work on a contractual basis, umbrella companies have gained popularity. And while it is an excellent option for people who want to avoid the administrative burden, some things about working through an umbrella company could be confusing and downright annoying. Let’s find out in more…
When it comes to claiming expenses, it can become a tedious task for the contractors. If you have been working through an umbrella company, you must have heard about claiming expenses. It is one of the most talked-about topics among contractors. So, how does it work? Let’s find out. What expense can an Umbrella company…
The UK government rolled out the new changes in IR35 in April this year. Unfortunately for the contractors, it made it even more challenging to pick the right umbrella company. However, the contractors currently inside IR35 or those unsure how long they will be contracting might feel that PAYE umbrella companies are great options. Even…
