Client Zone

Making Tax Digital - Self Assessment

Self-employed businesses and landlords with annual business or property income above £10,000 will need to follow the rules for Making Tax Digital for Income Tax from 06th April 2024.

Under MTA, these types of businesses will need to keep and maintain digital records and use MTD compliant software to send updates to HMRC on a quarterly basis. 

After the 4th quarter, an End of Period statement will need to be made to finalise each source of business income, along with a final declaration to include any other sources of income.

To compare the changes:

Before April 2024

  • 1 Annual Submission
  • Online filings by 31st Jan
  • Fine to keep paper records

After April 2024

  • 4 Quarterly Submissions per business
  • 1 Annual End of Period Submission per individual
  • Filing via MTD software
  • Keep digital records

As you can see from above, the new processes mean contact with us will be on a much more regular basis. That being, we are keen to get software in place in order to hit the ground running. 

Fee Protection Insurance

We have offered this scheme for some time; should HMRC decide to look into your affairs, this would cover our fees. 

The average investigation costs around £2,000 to £3,000 to cover our time. The policy is an annual fee based on your annual accounting fees and costs between £75 and £200 per annum. 

We are seeing a rise in enquiries and would recommend that this is considered. 

Please contact us for a quote on the office telephone number or email: office@baileywilson.co.uk

2021-22 Tax Year

The filing window is now open for the 2021-2022 tax year, so therefore we will be accepting books and records for this period. 

If you have a deadline for tax credits, are waiting for a refund or something else - let us know and we can assist. 

Minimum Wages 2022-23

There will be an increase to minimum wages with effect from 1st April 2022. If we carry out payroll for you, these changes will be made automatically from this date. 

The new minimum wage amounts are as follows:

National Living Wage £9.50

22-23 Year Old: £9.18

18-20 Year Old: £6.83

16-17 Year Old: £4.81

Apprentice Rate: £4.81

Workplace Pension

Under the Pensions Act 2008, every employer in the UK must put certain staff into a pension scheme and contribute towards it. 

Despite the name, the Workplace Pension does not happen automatically; you as an employer have the responsibility to ensure this is set up for your employees before your enrolment date.