Category Archives: HMRC

Planning for Basis Period reform - Alexander Accountancy Burton on Trent

Planning for Basis Period reform

The basis period reforms will change the way trading income is allocated to tax years. The reforms will change the basis period from a ‘current year basis’ to a ‘tax […]

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Scammers target Self-Assessment taxpayers Alexander Accountancy Burton on Trent

Scammers target Self-Assessment taxpayers

Fraudsters are continuing to target taxpayers with scam emails, texts and calls following the deadline for submission of Self-Assessment returns for 2020-21.  In fact, over the last year, HMRC received […]

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What is a wasting asset - Alexander Accountancy Burton on Trent

What is a wasting asset?

A wasting asset is an asset which has a predictable life of 50 years or less. HMRC’s guidance is clear that when you dispose of an asset, you are required […]

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MTD for VAT – digital records required-pexels

MTD for VAT – digital records required

The MTD for VAT regime started in April 2019 when businesses with a turnover above the VAT threshold of £85,000 became mandated to keep their records digitally and provide their […]

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Did you file your tax return on Christmas Day?

19% fail to file on time

HMRC has confirmed that more than 10.2 million people submitted their 2020-21 Self-Assessment tax returns by the 31 January deadline. This leaves over 2.3 million taxpayers or 19% that have […]

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Working for yourself Burton on Trent

Working for yourself

Newly self-employed taxpayers should notify HMRC as soon as practicable when they begin working for themselves. However, HMRC must be officially notified by 5 October following the end of the […]

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Leaving gifts to charity in your Will

Leaving gifts to charity in your Will

The government introduced new rules to encourage charitable giving on death in 2012. The rule which has remained unchanged ever since means that a reduced rate of Inheritance Tax (IHT) […]

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Making Tax Digital - Burton on Trent

Making Tax Digital

Making Tax Digital (MTD) for VAT is to be extended to cover businesses with a turnover below the VAT threshold from April 2022. The MTD for VAT regime started in […]

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