The government have now scrapped plans to introduce quarterly tax returns, which has potentially saved people who are self-employed hundreds of pounds a year.
As of 2nd July 2017 HMRC launched the new system of dynamic coding. This means that under the new system potential underpayments are replaced with in year adjustments (IYAs) Tax codes are adjusted in-year to reflect changes in an employee’s circumstances as soon as HMRC becomes aware of the change.
The government has now delayed making tax digital by “at least” two years until 2020, although quarterly VAT reporting using the system will be mandatory from 2019
Those below the VAT threshold of £85,000 will now be exempt from requirements to quarterly report until the government can reassess the plans
Married couples were once viewed as a single taxable unit by the government resulting in you being taxed less after getting married. However this is not the case anymore, now you are mostly taxed individually meaning very few tax benefits.
When starting a new business it’s important to keep costs low in order to run a profitable business.