Making Tax Digital
Making Tax Digital (MTD) will affect most businesses by changing how business records are kept and how tax information is sent to HMRC.
The first stage of MTD was for VAT returns, and we have successfully helped our VAT registered clients to meet their MTD obligations.
The next stage, Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA),will become mandatory for certain self-employed individuals and property landlords from 6 April 2026. We will be able to recommend suitable software and help you prepare.
From6 April 2023, we will also see changes to the ‘basis period’ rules for self-employed individuals that prepare accounts to a date other than 31 March or 5 April, with a number of considerations and choices to be made beforehand.If you are self-employed and your accounting date is not 31 March or 5 April, we will be able to advise you.
MTD for Income Tax for partnerships and limited companies will follow at a later date, and we will keep you informed of any news that affects you.
Our staff can make sure you maximise your exemptions while demystifying the complex world of capital gains tax, whether you're considering investments, a second home, or another asset.
Every year, corporation tax rates and reliefs vary, so we make sure we can offer all the necessary assistance and advice when examining potential exemptions, allowances, and deductions.
In order to make sure you are in compliance and avoid fines, we will carefully evaluate and produce corporate tax filings.
We can help walk you through the complicated subject of personal taxation, we are aware that it can be challenging to grasp, therefore we support you every step of the way. By developing a tax planning approach that works for your tax situation and helps ensure you pay the least amount of tax, we eliminate the time and worry involved. Our staff will provide guidance on when payments are due in addition to what paperwork must be submitted and returned in order to maintain compliance.
Virgo Associates provide the following key services.
Latest news from Virgo Associates
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The valuation of business goodwill for tax purposes is very subjective and is often a contentious area. HMRC have recently updated their guidance in their Shares and Assets Valuation Manual.
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The Government has announced a new Energy Bills Discount Scheme (EBDS) from April 2023 to April 2024 for eligible non-domestic consumers in Great Britain and Northern Ireland.
The Joint Committee on Vaccination and Immunisation (JCVI) has published a statement with its latest advice on the 2023 programme.
The UK Minister for Pensions Laura Trott has announced a shake-up of private pensions to create fairer, more predictable, and better-run pensions.
If you are planning to claim the UK state pension you should check your national insurance (NI) record before 5 April 2023.
If you manufacture or import 10 or more tonnes of plastic packaging within a 12-month period you must register for PPT on GOV.UK
Better than anticipated purchasing managers’ index (PMI) data for February indicate encouraging resilience of the economy.
The valuation of business goodwill for tax purposes is very subjective and is often a contentious area. HMRC have recently updated their guidance in their Shares and Assets Valuation Manual.
The Government has announced a new Energy Bills Discount Scheme (EBDS) from April 2023 to April 2024 for eligible non-domestic consumers in Great Britain and Northern Ireland.
The Joint Committee on Vaccination and Immunisation (JCVI) has published a statement with its latest advice on the 2023 programme.
The UK Minister for Pensions Laura Trott has announced a shake-up of private pensions to create fairer, more predictable, and better-run pensions.
If you are planning to claim the UK state pension you should check your national insurance (NI) record before 5 April 2023.