Making Tax Digital for Income Tax (MTD IT) is a UK government initiative aimed at modernising the tax system by transitioning away from traditional once a year self-assessment system. Instead, individuals will use compatible software to record their income and expenses digitally and submit updates to HM Revenue & Customs (HMRC) more frequently. The goal…
As 31st January 2025 approaches, many individuals face the annual ritual of filing and paying their self-assessment tax return. For some, this comes with an additional obligation: the payment on account. But what exactly is a payment on account, and why is it due alongside your balancing payment?…
As we approach a brand-new year, it’s the perfect time to reflect on what’s working—and what isn’t—in both your personal and professional life. For contractors and freelancers, the start of 2025 could be the ideal opportunity to reassess your accounting support…
The Autumn Budget is the government’s yearly plan for taxes and spending, this time laid out by the Labour Chancellor of the Exchequer, Rachel Reeves. For contractors, freelancers, and small businesses, there are some key changes to consider this year. Here’s a look at what’s new and how it might affect you…
With the festive season fast approaching, now is the perfect time to plan some fun with your team, and it doesn’t have to come with a tax hangover. Here’s the lowdown on how you can host a Christmas party for your employees and enjoy some tax perks along the way…
