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Blog: Your Business

What is MTD for Income Tax?

Making Tax Digital (MTD) is HM Revenue & Customs’ (HMRC) latest initiative aimed at modernising the UK tax system. It aims to make filing more effective, efficient, and easier for taxpayers to avoid making mistakes.

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HMRC late payment interest rate

HMRC has revised interest rates with late payment bills charged 6.75% from 13 April, the highest level since January 2008. HMRC interest rates are set in legislation and are linked to the Bank of England base rate. There are 2 rates: late payment interest, set at base rate plus 2.5% repayment interest, set at base

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MTD for ITSA delayed for two more years

Self-employed individuals and landlords will have more time to prepare for Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA), following a government announcement today (19 December 2022). Understanding that self-employed individuals and landlords are currently facing a challenging economic environment, and the transition to Making Tax Digital (MTD) for Income Tax Self Assessment

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Brexit deal not delivering for businesses

Thousands of businesses across the UK have been having to get to grips with new rules surrounding VAT, imports and exports since the Brexit transition period ended at the start of this year. More than three quarters (77%) of firms, for which the Brexit deal is applicable, say it is not helping them increase sales or grow their business More than half (56%) of

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Top tips for securing finance for new businesses

There were stunning figures released in a new survey about business start-ups recently. Data from small business lender iwoca showed that 93 new businesses were created every hour. Despite economic headwinds, rising inflation and rocketing energy costs, the number jumped by 18 per cent year on year. Data from Companies House show over 402,000 businesses were

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COVID business loans scheme extended for two years

The Recovery Loan Scheme, which helped businesses throughout the pandemic, has been extended for a further two years. Launched on 6 April 2021, the Recovery Loan Scheme (RLS) was one of several finance schemes available to struggling businesses. It provided financial support to businesses across the UK as they recovered and grew following the Coronavirus

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What is the Construction Industry Scheme?

If you are a contractor, the Construction Industry Scheme (CIS) is something that you will need to familiarise yourself with to avoid falling behind and facing penalties. The Construction Industry Scheme (CIS) is a form of business tax that is applied to contracted work within the construction industry. What do contractors need to do? Ahead

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How can your employees recognise scam emails?

Unfortunately, fraudulent emails are something that we are all likely to come across at some point. In fact, the methods that fraudsters are using to target people have seen a substantial increase in recent years. It is important to be aware that your business could fall victim to a scam, with the potential of scammers

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Construction subcontractors: All you need to know about payments

If you are a contractor working in the construction industry you are likely to rely on the services of subcontractors – but what rules do you need to consider when paying them? Contractors and other businesses who regularly use the services of subcontractor must keep track of their payments as work of subcontractors applies to

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