Busy Books

02/11/2022

Translation = Making Tax Digital for Income Tax
(also known as Making Tax Digital for Income Tax Self Assessment).

Does it affect you?

If you are a landlord, sole trader or partnership with business and/or property income over £10,000, then yes. From April 2024 there will be a change to your reporting requirements for earnings and expenditure, including quarterly update submissions of your digital records to HMRC via MTD compatible software.

21/06/2022

Maintaining standards and keeping up to date is always important. Quickbooks online is constantly updating with improved features, which are very powerful if used effectively.

Do you use Quickbooks online? Do you need support using it or maintaining your records or filing VAT returns? Message Busy Books today.

08/02/2022

The most tax-efficient approach for a company director to be paid will vary depending on specific circumstances, but is usually a combination of salary (PAYE) and dividends.

Salary payments can be deducted from company profits, thus lowering the Corporation Tax bill. And tax paid on dividends will be lower than tax paid on an equivalent salary because tax rates on dividends are lower.

Have you set up a limited company and are worried running payroll will be complicated? Get in touch to discuss how I can help. Prices start from just £5 per employee per month.

21/01/2022

Did you claim any of the first three SEISS grants?

This income is taxable and should be included in the self-employment section of your 2020/21 tax return.

If you have multiple trades then you should allocate the SEISS grants between the different trades in a reasonable way. Income from each trade will need to be included on separate self-employment supplementary pages.

01/01/2022

02/12/2021

Tis the season...

Crunching the numbers over a mince pie 🥧

06/11/2021

Have you set up a business recently and want to determine how much your liabilty to tax will be? Are you unsure about how much tax you will need to pay?

I can take some of the stress off your busy shoulders. Get in touch to discuss how I can help.

18/03/2021

If you've start working for yourself, you’re classed as a sole trader and are self-employed. You will need to register for Self Assessment at the earliest opportunity, however there is a deadline... you need to register by 5th October after the end of the tax year in which you became self-employed.
For example, if you started your business since 6th April 2020, you need to register with HMRC by 5th October 2021.

26/01/2021

Self Assessment tax returns should be filed by 31st January 2021 alongside any tax due to be paid. But anyone who cannot file their return by the 31 January deadline will not receive a late filing penalty if they file online by 28 February.

Tax bills must still be paid by 31/01/2021.

Self Assessment customers who cannot file their tax return by the 31 January 2021 deadline will not receive a late filing penalty if they file online by 28 February.

04/01/2021

Happy New Year!
Busy time of year... SA tax returns are due by
31st January.
Do you need to submit one?