How do the trading year and tax year differ, and what effect does it have on my business?
If you’ve ever wondered what the difference is between your trading year and the tax year, your curiosity couldn’t have come at a better time. HMRC have recently introduced changes that make distinguishing between the two – and choosing the correct trading year...
Why you need to digitise your business
Although the Making Tax Digital (MTD) for Income Tax Self Assessment deadline has been pushed back to April 2026, there are umpteen benefits to digitising your tax processes now. Whether you’re currently using computer-based spreadsheets or pouring over paper files,...
VAT penalties are changing from 2023
Alas, there are yet more changes to get your head around. HMRC have now decided to change VAT late submission penalties, late payment penalties, and VAT interest charges. As if we didn’t have enough to worry about in this period of flux and seemingly endless...
What you can start doing about MTD for ITSA now
Despite the current chaos in government all signs point towards Making Tax Digital for Income Tax Self Assessment – or the snappily named MTD for ITSA – going ahead from April 2024 as planned. Scarily that is now less than 18 months away. As accountants we...
Why you need to raise your prices
Do you know how profitable your goods and services really are? Do you feel like you’re doing a lot of work but you’re not seeing it reflected in the money you take home? A lot of business owners will be feeling this pain right now and unsure how to fix it. As a...Follow Starfish Accounting
