Spring Budget 2024: VAT threshold increased to £90,000 for SMEs

Spring Budget 2024: image depicts big ben and the houses of parliament with some purple spring flowers and trees in front of it out of focus.

On 6 March 2024, Chancellor Jeremy Hunt delivered the Spring Budget 2024 from the House of Commons, announcing an increase to the VAT threshold and cuts to National Insurance. Nottingham chartered accountants, Clayton & Brewill, provide an overview of key measures announced. Set against the backdrop of the looming general election, the Chancellor began his […]

Making Tax Digital: remodelled and going ahead

Start dates for making tax digital: Image shows a series of white blocks with arrows on them all points forwards against a light blue background.

The start dates for Making Tax Digital for Income Tax (MTD ITSA) were confirmed by Jeremy Hunt in the Autumn Statement 2023, alongside some changes to the regime. In outline, MTD ITSA involves keeping digital records and providing quarterly updates of income and expenditure to HMRC through MTD-compatible software. There is also an end of […]

What landlords need to know about Making Tax Digital

Making Tax Digital (MTD) has already impacted VAT, with income tax and corporation tax due to follow in the coming years. There are significant implications for those who pay income tax via self assessment (ITSA), including landlords with taxable income of more than £50,000 a year. In this article, Clayton & Brewill highlights what landlords […]

A guide to MTD ITSA: why it still means big change for you and your business

April 2022 sees the final phase of Making Tax Digital (MTD) for VAT, but that’s just the tip of the iceberg. MTD for income tax (MTD ITSA) comes next, and implementation is likely to be altogether more challenging, plus there’s corporation tax to consider. In this article, Nottingham chartered accountants Clayton & Brewill provides a […]

Making Tax Digital for VAT guide

Making Tax Digital for VAT brings mandatory new requirements, for businesses with a taxable turnover above £85,000, from April 2019. Nottingham chartered accountants Clayton & Brewill has put together a helpful guide that explains more about Making Tax Digital for VAT. Our guide provides more information on: The new rules Who is affected Exemptions Software […]

The benefits of cloud accounting systems for small businesses

With the digital revolution and digital tax initiatives looming on the horizon, many small businesses are anxious about ensuring that they are compliant with the forthcoming requirements. One option to consider is investing in a cloud accounting system that complies with requirements. In this article, chartered accountants Clayton & Brewill explain the benefits of cloud […]