Making Tax Digital

Paper-based Business Owners Have Halloween Deadline For Self-assessment

Paper-based Business Owners Have Halloween Deadline For Self-assessment

Business owners who still submit a paper tax return have been warned they only have until Monday 31 October to do so. According to research by Pandle, 89% of business owners now HMRC’s online self-assessment service – but the Halloween deadline is not to be missed by paper-based businesses. The number of penalties made against taxpayers who make ‘deliberate’ mistakes has risen from 9% to 16% in recent years, with offenders paying between 20-100% penalties in extra due tax. Self-assessment is the system used by HMRC to collect tax from self-employed people and businesses, or those who have received an income besides their regular salary. The Making Tax Digital initiative will see all taxpayers to pay and manage their taxes online, and it’s hoped this initiative will be fully implement... »

How to Manage Tax Efficiently: 5 Simple Steps

How to Manage Tax Efficiently: 5 Simple Steps

Small businesses face many challenges; however, finance can be one of the hardest to get to grips with. It can be a major distraction from the day-to-day ‘doing’, and many businesses simply don’t have time to keep abreast of ever-changing tax rules and regulations. This often results in a lack of confidence in how to manage the business in the most tax efficient way. However, a sound financial footing is the bedrock for any successful business which is why it’s crucial to have a firm understanding on matters including taxation, storage of accurate business records and regulatory compliance – right from the start. Communication with HMRC Although dealing with the tax man may seem daunting, it is crucial that you remain in contact with HMRC, and especially HMRC advice when it comes to paying... »

Small Businesses Ignorant but Blissful About Making Tax Digital

Small Businesses Ignorant but Blissful About Making Tax Digital

Small business owners remain optimistic about the new government initiative Making Tax Digital, despite not really understanding what’s going to happen, according to a report from FreeAgent. The survey of 513 freelancers and micro business owners revealed that 45% of respondents believe the digitisation of tax will make their life easier in contrast to just 20% who think it won’t and 8% who believe its effects will be wholly negative. However, the positive outlook appears to have little basis in actual reality as a whopping 86% of those surveyed admit they haven’t received enough information about the changes, with 43% admitting they don’t even know what digital tax is. Ed Molyneux, CEO and co-founder of FreeAgent, said: “Making Tax Digital will be one of the biggest changes made to the UK... »