2020/2021 Tax Year

The 2020/2021 tax year starts on April 6th 2020 and finishes on April 5th  2021. The tax free Personal Allowance remains at £12,500(to be confirmed in the Chancellor’s Budget). This is tax-free and is applied throughout the UK. Tax Brackets 2020-2021 England, Wales and Northern Ireland. £0 – £12,500 0% (Personal Allowance) £12,501 – £50,000 20% (Basic Rate) …

Software for Making Tax Digital

HMRC will not be providing any free software for Making Tax Digital reporting for businesses and sole traders, and all the major UK software providers have stated since the outset of the HMRC digitisation project that they will not provide free software. The 3 main things you will need to consider when purchasing your software are; The price: Decent Accounting products can cost £1000s for large businesses, …

Making Tax Digital

Making Tax Digital

The HMRC website states the aim of Making Tax Digital (MTD) is ‘making it easier for individuals and businesses to get their tax right and keep on top of their tax affairs’. Making Tax Digital is the new government initiative aimed at simplifying how UK businesses report their income, expenses and taxes. It ultimately means …