Making tax digital threshold reduced to £20,000
Many more sole traders and landlords will be required to comply with making tax digital (MTD) for income tax when the qualifying income threshold is reduced from £30,000 to £20,000. The Budget confirmed that taxpayers with qualifying income of £50,000 or more will be...
Important update on Xero subscription changes effective 12 September 2024
As part of our ongoing commitment to keep you informed about changes that may affect your business, we want to let you know about some upcoming adjustments to Xero’s subscription plans, effective from 12th September 2024. These changes include updates to the...
Making Tax Digital: quarterly update returns
HMRC has confirmed the mandation dates for making tax digital for income tax self assessment (MTD ITSA) as announced in the Autumn Statement 2023.
Mandatory payrolling of benefits
The reporting and paying of income tax and Class 1A national insurance contributions on benefits in kind is to be made mandatory via payroll software from April 2026.
Online traders warned to seek advice after new HMRC crackdown
People who boost their income through online trading are being warned of a new crackdown by HMRC.