March 2024 Newsletter from Avenue Business Services
Colin Bielckus
Outsourced FD, mentor and business coach at The Outsourced Finance Director
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HMRC publishes guidance on MTD for ITSA for sole traders and landlords
HMRC recently published guidance on the Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) requirements for sole traders and landlords.
MTD for ITSA will require businesses and landlords with qualifying income to maintain digital records and update HMRC each quarter via compatible software. See more .
The guidance can be found here .
Number of tax fraud cases opened by HMRC fallen by more than half
The number of civil investigations into alleged tax fraud has fallen by more than a half, data has shown.
The number of investigations into wealthy, offshore and corporate taxpayers fell from 1,417 in 2018/19 to just 627 in 2022/23. According to HMRC, its fraud investigation units focus on the 'highest value' tax fraud. See more
ESSENTIAL TAX DATES FOR MARCH
1 March New Advisory Fuel Rates (AFR) for company car users apply from today.
3?March 5% late payment penalty on any 2022/23 outstanding tax which was due on 31 January 2024 and still remains unpaid.
19?March PAYE, Student loan and CIS deductions are due for the month to 5 March 2024.
31?March End of corporation tax financial year. End of CT61 quarterly period. Filing date for Company Tax Return Form CT600 for period ended 31 March 2023. Last minute planning for tax year 2023/24 - please contact us for advice.
领英推荐
QUOTE OF THE MONTH
'Cash access is too important to be left to innumerable individual commercial decisions which, taken together, represent a significant threat to people and businesses' ability to withdraw, process and deposit cash.'
Martin McTague, National Chair of the FSB commenting on the group's call to preserve access to cash for small firms.
ON OUR WEBSITE
A wealth of resources for businesses With topics ranging from the Bribery Act 2010 to the National Minimum Wage and the National Living Wage, the Your Business section of our site is a hub of essential information.
Useful information for individuals For a comprehensive bank of guides covering Venture Capital Trusts, the dividend nil-rate and much more, please visit the Your Money area of our website.
IN THE NEWS
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