The Economic Crime and Corporate Transparency Act became law in October 2023. Since then, HMRC have been getting ready to introduce the measures brought in by the act and they are aiming to introduce the first set of changes on 4 March 2024.
Funding is crucial to small businesses, especially during the start-up phase when overheads such as research and development or buildings and stock are high and trading income can be non-existent.
People who boost their income through online trading are being warned of a new crackdown by HMRC.
A dramatic simplification of the MTD processes to be introduced in 2026 including no EOPS; cumulative submissions each quarter; and restrictions for complex situations.
If you’re thinking of starting a business, you need to know the difference between a limited company and sole trader so you can decide which business structure is best for you.