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Making Tax Digital (MTD) for Individuals is coming soon. Will it affect you?

If you are you a sole trader or a landlord with annual income of more than £30,000 then yes it will.

Meet Graham!

Graham was not unhappy with his existing accountant, who he had worked with since he started his business 3 years ago, but recently met with a friend who told him about the benefits of moving his accountants to Blackman Terry.

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Tax codes explained

You may recently have received a tax coding notice, because it is around now that HMRC start issuing codes for the new tax year. These codes determine the amount of tax that will be deducted from your employment and pension income. Different codes are issued for different streams of income, meaning that different amounts of tax can be collected from the various sources. Only one code will be issued per source of income.

VAT, stamp duty and other changes discussed in the budget

Business and the budget

Employment and the budget

Further information on how the budget affects employment can be found here:

The recent budget

Budget updates

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Change in VAT threshold

From April 1st 2024 the VAT registration threshold will increase from £85,000 to £90,000

Changes to Confirmation Statements

Registered email address will now be mandatory along with a statement to confirm that the intended future activities of the company will be lawful.

You’ll need to confirm this every year on the confirmation statement. You will not be able to file a confirmation statement without this statement.

This will apply to all confirmation statements with a statement date from 5 March 2024 onwards.

Company House Fees set to rise from 1st May 2024

Companies house have said the new fee “brings them in line with the costs of providing our service”.

Have you recently sold a rental property?

Did you know you have 60 days to report and pay the Capital Gains Tax?

Tax return payment deadline fast approaching!

Wednesday 31st January is the last date for payments to be received by HMRC for your personal tax payments for the year ending 5 April 2023. If you have still not completed your return, please get in touch as soon as possible to avoid a late penalty payment.

Property Tax Specialists

Did you know Blackman Terry specialises in property tax for landlords both in the UK and abroad?

Are you aware of the changes to childcare?

Working parents will be aware that the cost of childcare can be extremely costly. The March 2023 Spring Budget announced some much-needed additional support. However, the new hours on offer will only be given to parents who are ‘eligible’.

How to help reduce corporation tax

From 1 April 2023 corporation tax rates changed. They now depend on the level of profits arising in the year.