HMRC

Two important factors in the complex world of business finance for UK-based businesses are value-added tax (VAT) and adhering to rules issued by Her Majesty's Revenue and Customs (HMRC).

The move by HMRC to digital services is a calculated reaction to the rapidly evolving technology market and the demand for increased efficiency in tax reporting and collection.

As a business owner, ensuring compliance with HM Revenue and Customs (HMRC) is crucial. Filing taxes accurately and on time is a legal obligation; failure to do so can lead to costly penalties. Luckily, software solutions are available to help make the process easier and more efficient.

At the Spring Budget, Chancellor Hunt announced that the Government would remove the lifetime allowance charge from 6 April 2023. HMRC said the allowance complete abolishment will be from the 2024-25 tax year through a future Finance Bill.

Xero's powerful accounting software makes it easy to get to grips with HMRC compliance. This blog post will provide a step-by-step guide to learning HMRC compliance in Xero accounting software.

As a business, you must stay up-to-date with the latest news and regulations from HMRC, particularly regarding late payment bills. Comprehend the ramifications of the recent rate increase by HMRC on late payment bills and take steps towards managing their finances suitably.

HMRC has launched new guidance on choosing your tax agent, helping you finding out a tax agent to interact with HMRC on your behalf. Also, the advice allows checking whether the agent has relevant professional qualifications to deal with your tax affairs.

As a self-employed, you must submit your Self Assessment tax return to HMRC to pay Gov UK taxes. The Self Assessment tax payment includes your Income Tax and National Insurance contribution from your profits.

MTD for ITSA is a government plan for digitising the UK tax system. HMRC will implement MTD for ITSA in April 2024, changing how businesses, landlords and self-employed individuals grossly earning above £10,000 will submit their income tax returns.

HMRC VAT registration is mandatory for businesses with over £85,000 turnover. This HMRC tax applies to most products and services that a VAT-registered business sells, and consumers pay it finally.

By completing a Self Assessment tax return, you inform HMRC about your taxable income and gains for the tax year. It is a process to work out and pay tax on what you owe. HMRC has an SA100 form for Self Assessment tax returns preparation.