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Business-Newsletter-England-10-October-2022-101022.pdf

🔗 Source: dua.co.uk

📊 Size: 207 KB

👤 Author: Ian Fletcher

⬇️ Downloads: 133

Summary

Businesses in England must comply with Making Tax Digital (MTD) for income tax by 6 April 2024, if their annual gross business or property income exceeds £10,000. MTD is a government initiative to modernize the tax system, making it simpler and more efficient. Businesses will need to keep track of their tax affairs digitally, updating HMRC at least quarterly.

Other key updates include:
- Deferring October salaries to reduce NICs may be challenged by HMRC due to anti-avoidance provisions.
- A new online form is available for notifying HMRC of VAT errors, streamlining the process and reducing mistakes.
- The Start Up Loans initiative has been expanded, providing funding to start-ups that have been trading for up to three years, with second loans available to eligible businesses that have been trading for up to five years.
- Employers must ensure employees receive immediate help if they are taken ill or injured at work, with adequate and appropriate first aid arrangements in place.

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Description

Businesses in England must comply with Making Tax Digital (MTD) for income tax by 6 April 2024, if their annual gross business or property income exceeds...

Technical Information

File Format: PDF
File Size: 207 KB
Pages: 7
Language: EN
Author: Ian Fletcher
Total Downloads: 133
Last Updated: 3 weeks ago

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