Making Tax Digital for Income Tax – Good or Bad?

So you know how you currently do your taxes once a year and you have 10 months to fill in your tax return? Well I’ve got bad news for you. You’ll soon need to send up to 5 tax returns per year, you’ll need to update HMRC every 3 months and you’ll be forced to buy special software that lets you do this. Welcome to the joys of Making Tax Digital for Income Tax Self Assessment (MTD ITSA)

UK small business tax rates 2022/23 – at a glance!

There’s good news and bad news. Income tax rates generally aren’t increasing. However as inflation steadily rises tax breaks such as your Personal Allowance are now locked in until 2026. Coupled with forthcoming rises in national insurance, corporation tax and dividend rates the net impact for small business owners is a substantial and quite sneaky tax increase over the next few years.

A Very Simple History of Brexit in the UK

I’m not going to get in to the politics of Brexit – far too busy for that. Like it or not though this is history in the making and it’s very likely to have an impact on your small business. I thought it would be interesting to put together a consolidated timeline of events. An impartial version of the story of Brexit… so far.

Self employment lockdown grants extended… again!

Yes folks, here we are again. We have a 3rd and 4th lockdown grant. The government have announced the UK will be in lockdown from the 5th Nov to 2nd Dec 2020. This will be devastating for a lot of small businesses who were just getting back on their feet. The good news is there’s more money available through the self employment income support scheme grant. The bad news is they will only cover 55% of your profits at best versus 80% for furloughed employees. Oh, and a lot of businesses won’t qualify for them at all. Are self employed folk really 30% less important than employees? Let’s take a look at how it all works.