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January 2024

TAX DIARY JANUARY

Important tax year dates and deadlines are coming in January.   

Mike Wakeford
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Who does MTD for ITSA apply to?| How to Prepare for Making Tax Digital for Income Tax

Making Tax Digital (MTD) for Income Tax, also known as MTD for ITSA, was set up by HMRC as a new way for self employed business owners and landlords to report earnings and pay Income Tax.  

Mike Wakeford
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VAT Flat Rate Scheme annual review | How does VAT Flat Rate Scheme work?

If using the VAT Flat Rate Scheme, businesses pay VAT as a fixed percentage of their VAT-inclusive turnover. The actual percentage used depends on the type of business. The scheme has been designed to simplify how a business accounts for VAT and reduce the administration costs of complying with the VAT legislation.

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Do I need to register for VAT in 2024? | What is the VAT threshold in 2024?

What is the taxable turnover for 2023/24 The taxable turnover threshold determining whether businesses should be registered for VAT is currently £85,000. The taxable turnover threshold determining whether businesses can apply for deregistration is £83,000.  

Mike Wakeford
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What is the IHT rate for 2023/24? | How much can I gift to avoid inheritance tax?

We wanted to remind you of the inheritance tax (IHT) implications of making cash gifts during the 2023-24 tax year ending on April 5, 2024.

Mike Wakeford
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