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Introduction to Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) Under MTD for ITSA, sole traders and unincorporated landlords must keep digital records of their trading and/or property income and provide quarterly updates to HMRC using MTD-compatible software. The implementation is being phased in over several years. Phase 1 – Starting April
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Understanding Mandatory Payrolling Mandatory payrolling requires employers to manage taxable benefits provided to employees directly through the payroll system. This involves treating the taxable amount of the benefit as an additional salary and deducting the corresponding tax from the employee’s cash pay. By doing so, employers can bypass the need to report these benefits to
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The Shift in Property Investment Landscape Despite a shortage in rental accommodations, investing in residential property has become less attractive. In the Autumn Budget, the Chancellor announced an increase in the cost of purchasing additional residential properties by raising the Stamp Duty Land Tax (SDLT) supplement by two percentage points, from 3% to 5%, effective
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Understanding Business Asset Disposal Relief (BADR) Business Asset Disposal Relief (BADR) offers a valuable tax advantage, reducing the capital gains tax rate on profits made from selling all or part of a business or shares in a personal trading company. Previously known as Entrepreneurs’ Relief, this relief is crucial for business owners looking to minimize
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Starting a new business often requires financial support in the form of loans. These loans are typically used to purchase stock, make initial rent payments, or cover deposits. However, whether the business is set up as a sole trader or a company will significantly influence when interest on pre-trading loans becomes tax-deductible. Here’s how it
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Current Capital Gains Tax Rates One of the more positive aspects of the Autumn 2024 Budget is that the Chancellor decided not to increase the capital gains tax (CGT) rates on residential property gains. Instead, she aligned the standard rates with the residential rates. From 6 April 2024, the top CGT rate for residential property
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