What is MTD for ITSA? Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) is a new way for self-employed business owners and landlords to report earnings and pay Income Tax. MTD for ITSA will apply to individuals from April 2024, if their total gross income from self-employment and property exceeds £10,000 in a tax year. … Read more
What is Xerocon? Xerocon is an annual accounting technology conference organized by Xero, which inspires accountants and bookkeepers to lead the way in a new era of cloud solutions for small businesses. Xerocon is unlike any other conference and is labelled as the “Glastonbury for accountants”, it provides accountants and bookkeepers who use Xero all … Read more
The Benefits of Electric Vehicles As we move away from petrol and diesel vehicles, many businesses are considering if now is the time to make the switch to electric. It’s no secret that the government is encouraging this transition, and they have introduced some fairly enticing incentives to both businesses and individuals. The Salary … Read more
‘Payments on account’ are advance payments towards your tax bill which HMRC ask individuals to pay if their tax bill exceeds £1,000, and if the majority of income is untaxed at source (i.e. self-employed profits). You will not need to make a payment on account to HMRC if: Your tax bill was less than £1,000 … Read more
⚠️Small companies will soon need to file statutory accounts that include a profit & loss report⚠️ A draft bill has now been published accompanied by a white paper listing proposals to reform Companies House due to an increased number of sanctions being imposed on Russia. To identify any suspicious activity, they would need to know … Read more
With many tax and compliance updates coming into play this year, we’ve provided a roundup of the changes you should expect to see in the coming months. New VAT Penalty System A new penalty system will be put in place for VAT returns starting January 2023. HMRC are introducing a new system for late VAT … Read more
Did you know that individuals and SMEs can be subject to HMRC tax investigation, even if there is no wrong doing on their part? HMRC have the right to conduct routine investigations into tax affairs of any business by identifying and targeting areas they believe tax is at risk. Should you be one of the … Read more
Sterling Accounting Solutions Micro
Sign up for insider tips and how you can make life easier when it comes to accounting and tax
© 2024 SAS Micro Limited is a company registered in England and Wales under number 10419197. SAS Micro Limited is a member of the Institute of Chartered Accountants in England and Wales Practice Assurance Scheme under registration number C004818970.
© 2024 Sterling Accounting Solutions