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MTD for Individuals

Posted: Apr, 21, 2023

By: leslie

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The government announced in the Autumn Budget 2021 this has been implemented and starts coming into force in the 2023/24 tax year. Broadly, the intention is to tax profits that are time-apportioned to the tax year instead of the profits for the 12 months to the accounting date in the tax year. This reform affects individuals who are self-employed, including partners in trading partnerships, if their accounting periods are not aligned to the tax year (dates from 31 March to 5 April inclusive are treated as aligned to the tax year for this purpose).

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Sad to see her go!

Posted: Apr, 04, 2023

By: leslie

Comments: 0

After 14 years at Ryefields, Catriona has decided to leave at the end of April for a new challenge, we wish her well in her new venture and we will all miss her.
Her replacement 'Montana' will be starting after Easter.

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Budget 2023

Posted: Mar, 16, 2023

By: leslie

Comments: 0

As predicted all the chancellor has done is move the deckchairs and not very much at that.
Nothing has changed for companies or individuals in terms of any tax savings, personal allowances are the same and in previous Financial reports they announced a increase in Corporation tax and a reduction in Capital Gain tax allowances these have not been changed.
So from 1st April Taxes in these areas are likely to go up.

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Electric and Hybrid cars Tax consequences

Posted: Oct, 20, 2022

By: leslie

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Tax consequences for 2022/23 for pure electric cars, are you will need to submit a P11D each year and HMRC will ‘charge’ you 2% of the manufactures price of the vehicle.
For fuel and Hybrid vehicles see the Co2 HMRC table:
https://www.gov.uk/guidance/company-car-benefit-the-appropriate-percenta...

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Latest Newsletter January 2023

Posted: Oct, 10, 2022

By: leslie

Comments: 0

1. HMRC and MTD for Individuals

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Latest Client updates

Posted: Apr, 15, 2022

By: leslie

Comments: 0

Existing (taken form HMRC website)
VAT reverse charge on construction and building services
The reverse charge for VAT registered construction businesses came in on 1 March 2021 and was explained in a Revenue and Customs Brief issues in June 2020.
In February 2020, September 2020 and January 2021, we wrote to every VAT-registered construction business, advising them to check if they’re liable for the reverse charge.
Business who are liable must apply these rules going forward and more information is available in the scope and operation of the reverse charge.

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