When Does MTD for Income Tax Begin? Making Tax Digital for Income Tax (MTD for ITSA) is being rolled out in stages, starting from April 2026. If you're self-employed or earn rental income exceeding £50,000, you’ll be required to maintain digital records, submit quarterly updates to HMRC, and
Navigating the Economic Crime & Corporate Transparency Act 2023: What Businesses Need to Know
The Economic Crime & Corporate Transparency Act 2023 (ECCTA 2023) represents a significant overhaul of company law in the UK, introducing a raft of changes and new requirements designed to enhance corporate transparency and combat economic crime. Businesses need to get to grips with these
A Limited Company’s Guide to Electric Vehicle Tax: Maximising Your Savings
Is your limited company considering the switch to an electric vehicle (EV)? It’s a strategic move that can not only boost your company’s green credentials but also offer significant tax advantages. This guide will walk you through the tax implications of acquiring and using EVs, helping you make
A Sole Trader’s Guide to Electric Vehicle Tax: Maximising Your Savings
Are you a sole trader considering the switch to an electric vehicle (EV) for your business? It's a smart move that can not only help the environment but also offer significant tax advantages. This guide will walk you through everything you need to know about how EVs are taxed, helping you make
What optimal salary-dividend structure minimizes 2024-25 tax liabilities?
To minimize tax liabilities for the 2024-25 tax year, it is generally most tax-efficient for company directors to take a combination of a low director's salary and regular dividend payments, rather than taking all income as salary. Here's a breakdown of how to optimize this structure: Director's
Top 20 Ways to Save Tax in 2024/25
Tax planning can seem daunting, but with some knowledge and the right strategies, you can significantly reduce your tax bill. This post will highlight some key tax-saving methods for the 2024/25 tax year. 1. Make the Most of Your Personal Allowance Everyone gets a tax-free personal allowance, which