Taxation

This document deals with the important rates and the thresholds that the employers used when they operate the payroll for the year 2022-2023. 1. Tax thresholds, rates and codes Emergency Tax codes W.E.F 6th April 2022 will be: 1257L W1 1257L M1 1257L X 2. PAYE tax and Class 1 National Insurance contributions Your payroll software will be embedded with … Read More

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

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

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