Income Tax – Page 2 – Sutton Coldfield Accountancy

Making Tax Digital (MTD) Update

Written by Tony Shackleford on October 1, 2021.

In a recent government announcement, the implementation of MTD for income tax (which includes residential landlords) has been delayed until April 2024. The current timing of the MTD rollout is as follows MTD...

MTD, MTD Income tax

National Insurance Contributions Increase

Written by Tony Shackleford on September 13, 2021.

From April 2022 National Insurance Contributions (NIC) will increase by 1.25% to finance health and social care. This increase will mean that employees NIC will increase from 12% to 13.25% for those...

Dividend tax increase, NIC increase

Proposed Changes To Tax Accounting Periods For The Self Employed

Written by Tony Shackleford on August 23, 2021.

With the introduction of Making Tax Digital (MTD) for the self employed, which is due to take place in April 2023, the government has indicated that accounting periods for the self employed may need...

Self employed tax, tax base periods

Electric Company Cars Update

Written by Tony Shackleford on May 17, 2021.

For many years, due to the significant tax charges imposed, it has generally not been worthwhile for employees to have company cars. The tax regime for company vans is however much more favourable. ...

Benefits in kind, Capital allowances on electric cars, company car tax, Electric cars

Making Tax Digital Rollout

Written by Tony Shackleford on February 12, 2021.

Making Tax Digital (MTD) is the governments plan for ensuring that businesses record their transactions digitally and submit quarterly information to HMRC. The long term goal of the government is to ...

Making Tax digital, MTD, MTD for Corporation tax, MTD for Income Tax

Taxation of double cab pickups and combi vans

Written by Tony Shackleford on August 14, 2020.

In a Court of Appeal (CA) ruling dated 20 July 2020, the court ruled that three types of modified crew cab vehicles are cars rather than vans. This ruling concerns a long running case between Coca Cola...

annual investment allowance, capital allowances, company cars; caompany vans, double cab pickups

Making Tax Digital Implementation

Written by Tony Shackleford on July 27, 2020.

Making Tax Digital (MTD) will become mandatory for all VAT registered traders from April 2022 and for most other traders and landlords from April 2023. MTD will require those businesses effected to...

Making Tax digital, Taxation

Private Sector IR35 Changes

Written by Tony Shackleford on July 6, 2020.

Reforms to the off-payroll working rules ( IR35 rules) , which will see them extended to the private sector next year, are to go ahead as planned. The changes will come into effect on 6 April 2021.

IR35, Off payroll working

Company Car Tax for Electric Cars

Written by Tony Shackleford on May 26, 2020.

The benefit in kind charge for cars with 50g/km of CO2 emissions, was calculated at 16% of the cars list price for 2019/20. The tax charge for new zero and low emission vehicles was reduced significantly...

company cars

Call us on 0121 448 7466 for a free meeting