Emma Rawson

Editor at Freelance

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Articles

MTD IT: Understanding the rules is the first step

3 weeks ago | accountingweb.co.uk | Emma Rawson

Making Tax Digital for income tax (MTD IT) will bring a fundamental shake-up in how taxpayers and agents interact with HMRC and each other. However, before you can start to get your clients and your practice ready, you need to understand the key rules. Who is in and when? MTD IT will apply to individual sole traders and landlords.
MTD IT to be expanded in April 2028

1 month ago | accountingweb.co.uk | Emma Rawson

Rachel Reeves’s Spring Statement was intended to focus on economic updates, and not tax measures. However, hidden among the details were some interesting updates on Making Tax Digital for income tax (MTD ID). These include a set date for the reduction in the income threshold to £20,000, new exemptions and deferrals, and confirmation that HMRC will not be providing an online service to file the year-end return.
MTD notices relax rules for joint property owners

Jan 21, 2025 | accountingweb.co.uk | Emma Rawson

The first couple of weeks of 2025 have been eventful when it comes to Making Tax Digital for income tax (MTD IT). We’ve had new guidance for those in testing, and the Exchequer Secretary to the Treasury being grilled by the Treasury Committee. To cap this off, on 17 January HMRC released two long-awaited pieces of guidance – an update notice and a digital record-keeping notice.
The year ahead in MTD

Jan 14, 2025 | accountingweb.co.uk | Emma Rawson

As we head into 2025, we are now in the last full calendar year before Making Tax Digital for income tax (MTD) becomes a reality in April 2026. MTD may be only 15 months away, but there is still plenty left for HMRC, agents and taxpayers to do. So what developments can we expect to see over the coming year? More guidanceHMRC has published a number of pieces of MTD guidance recently, including an agent toolkit. However, we are still waiting for some critical bits and pieces.
Navigating changes to the company car landscape

Dec 2, 2024 | accountingweb.co.uk | Emma Rawson

The Autumn Budget certainly wasn’t lacking in headline-grabbing announcements. However, if we dig further down into the details, there are some upcoming changes affecting company cars that businesses need to be aware of before signing up for new vehicles. In particular, changes to the benefit-in-kind rules are about to make some cars much less attractive than they have been to date. What’s changing?
Is the future of fuel duty electric?

Oct 30, 2024 | accountingweb.co.uk | Emma Rawson

One of the most surprising announcements at today’s Budget was actually something that the Chancellor isn’t going to do. Despite strong rumours to the contrary, it appears that fuel duty will not be increased in the near future. Alongside this, there will be further grants and an extension of existing tax incentives to drive the adoption of electric cars. So what does this mean for the future of fuel duty and car taxation?
Budget surprise sees more taxpayers taken into MTD

Oct 30, 2024 | accountingweb.co.uk | Emma Rawson

Today’s Budget contained a number of headline-grabbing tax announcements. However, buried away in the depths of the red book is that will no doubt be of interest to many AccountingWEB readers. Despite Making Tax Digital for income tax (MTD IT) not being launched yet, it appears the government has plans to bring even more taxpayers into it. What was announced? The red book clearly states that the government is committed to delivering MTD IT.
Basis period reform: Time to change accounting date?

Oct 17, 2024 | accountingweb.co.uk | Emma Rawson

Basis period reform is a fundamental change in how the trading profits of unincorporated businesses (such as sole traders and individual members of partnerships) are calculated for tax purposes. For businesses who don’t draw their accounts up to 31 March or 5 April, the new ‘tax year basis’ introduced in April 2024 will result in additional ongoing administrative burdens. One way to avoid these is to change year-end during 2023/24.
Out in the corporation tax cold

Sep 26, 2024 | accountingweb.co.uk | Emma Rawson

The changes made to corporation tax rates in April 2023 brought with them a range of complexities. In particular, for the first time since 2015, companies and their advisers are once more having to juggle two rates of corporation tax and worry about marginal relief. Identifying which rate of corporation tax applies is not always straightforward. For most companies, their level of profits will be the key consideration:Below the lower limit of £50,000 – small profits rate of 19%.
Corporation tax rate complexities for corporate LLP members

Sep 18, 2024 | taxjournal.com | Emma Rawson |Heather Self |Peter Vaines |Julian Feiner

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