Personal tax and business VAT
Regulations are constantly changing with HMRC. Struggling to keep up?
Personal tax services
Tax too taxing? Let us take the pressure off by preparing your self assessment, calculate your liability and advise you on when to make your payments.
Handling all business VAT requirements
As is true with your personal taxes, it’s crucial that your business is paying the correct VAT. Our extensive professional VAT return assistance covers VAT registration; VAT admin and planning advice; VAT return completion; import and export VAT; VAT reconciliation; VAT control; HMRC & MTD compliance; partial exemption applications and more.
We can offer you:
For keeping on top of your VAT and ensuring your records are up-to-date, we’re happy to combine our VAT services with our accounts and bookkeeping provision to make life simple for your Warwickshire or Midlands business. Get in touch with us today to find out more.
Making Tax Digital for Income Tax (MTD)
What is Making Tax Digital for Income Tax?
Keep digital records of your business and property income and expenses
Use compatible software to send quarterly updates to HMRC
File an ‘end of year’ submission instead of a single annual tax return.
These new rules mean that instead of just one filing per year, you are now required to file five times per year and use HMRC approved digital accounting software.
You therefore will not be able to file your taxes via the HMRC website. You will need to purchase approved software or engage the services of an Accountant to remain compliant.
Is Accountable Management Services MTD compliant?
Yes, absolutely. We use the latest cloud-based software, approved by HMRC.
It is our aim to make your transition from manual record keeping to digital record keeping as smooth as possible.
We will show you around the software, and you can then decide how much involvement you want in the day to day accounting tasks. Alternatively, we can take care of the record keeping and MTD obligations for you, leaving you to do what you do best – run your business.
Who Making Tax Digital for Income Tax applies to
You’ll need to use Making Tax Digital (MTD) for Income Tax if all of the following apply to you:
1. You’re a sole trader or a landlord and you’re registered for Self Assessment
2. You receive income from self-employment, property, or both
3. Your qualifying income is more than £20,000 (this is a specific measure of income – you’ll need to check what counts as qualifying income and what’s included)
When you have to start using MTD for Income Tax
The date you must start using MTD for Income Tax depends on your qualifying income in a tax year:
- If your qualifying income is over £50,000 in the 2024–2025 tax year, you must start using MTD from 6 April 2026
- If your qualifying income is over £30,000 in the 2025–2026 tax year, you must start using MTD from 6 April 2027
- If your qualifying income is over £20,000 in the 2026–2027 tax year, the government plans to introduce legislation to lower the qualifying income threshold (details to follow).
Speak to our professional accountancy team today by calling