My heart dropped as I read the letter. I’d just come back from an amazing family holiday in Croatia. The envelope had been on the doormat when I got back. “We’re really sorry … blah, blah … difficult economic circumstances … blah…” Why me? I just couldn’t comprehend it. I’d worked my socks off at…
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A brief history of Self Assessment Self Assessment was first introduced in 1995-96. At that point, the tax system changed from working on a “preceding year basis of assessment” to a current year basis, which reduced the delay between a sole trader earning the profits and finding out how much tax was due. Under the…
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Introduction Making Tax Digital (MTD) is a new way for sole traders and landlords to report their income and expenses to HMRC. Anyone who had business turnover and/or rental income of £50,000 or more in the 2024-25 tax year, before allowing for any expenses, will need to use MTD from 6th April 2026. MTD will…
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Introduction Making Tax Digital for Income Tax (MTD) has been on the cards for a while. In 2015, when HM Revenue & Customs (HMRC) first proposed it, it was due to be introduced in April 2018. Successive delays, not helped by Covid and Brexit, pushed the implementation date back to April 2026. Making Tax Digital…
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