PAYE (Pay As You Earn) is a system used by employers in the UK to deduct income tax and National Insurance contributions from employee’s salaries or wages. PAYE ensures that employee’s taxes are paid regularly and accurately throughout the year when employers calculate and deduct an amount of tax and National Insurance contributions from the employee’s pay and then report … Read More
MTD for ITSA and General Partnerships
Implementation of Making Tax Digital (MTD) for Income tax self-assessment (ITSA) and General partnerships have been postponed due to the Covid 19. What is MTD for ITSA and when are the new implementation dates? MTD for ITSA stands for Income Tax for Self-Assessment which applies to individuals, partnerships or trust with the Business and property income exceeds £ 10,000 per … Read More
Making Tax Digital for VAT, Corporation Tax
What is MTD for VAT? From April, 2022 all VAT registered businesses whether their average turn over is above the VAT threshold or not the VAT returns should be submitted by online software. If you are BVS client, you are already complied with Making Tax Digital for VAT. What is MTD for Corporation Tax? Similarly, corporation tax returns will … Read More
Business Assets Disposal Relief
When you are selling assets of your business or selling the whole business realization of capital gains will be evident. In such instances guidelines given below will help in dealing with the tax matters and claiming the tax reliefs related to those capital gains. Business Assets Disposal Relief (BADR) statute will replace the guidance given under Entrepreneurs Relief, w.e.f. 06th … Read More
