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If you’re required to submit a self-assessment tax return for the 2023 to 2024 tax year, it's important to be prepared. HMRC requires registration by 5 October 2024, with your return due by 31 January 2025. Here’s what you need to know to stay compliant and avoid...
With Making Tax Digital (MTD) for VAT already in place, the government is pushing forward with the digitalisation of tax. The next step is aimed at self-employed individuals and landlords which will MTD for Income Tax Self-Assessment (ITSA). However, there have been...
As of April 2025, the government will abolish the Furnished Holiday Lettings (FHL) tax regime. This move is part of a broader plan to level the playing field between landlords offering short-term holiday lets and those providing long-term residential properties, such...
As of 1 April 2024, the VAT registration threshold in the UK increased from £85,000 to £90,000. This means during twelve months, businesses with taxable sales exceeding £90,000 must register for VAT. The same applies if sales are forecasted to surpass this threshold...
It is important to be able to distinguish between tax-deductible repairs and renewals. But what is the difference between them? Enhancements vs. Renewals: Any changes or enhancements made to an asset are considered capital, meaning they are not tax-deductible repairs...