At LT Accounting, we recognise that keeping up-to-date with the latest accountancy news and regulatory changes is not merely a requirement—it’s a strategic edge for your UK business. Our knowledge hub is committed to delivering the most current and influential accounting insights, trends, and updates.
The Benefits of Making Tax Digital for Small Businesses
The UK government's initiative, Making Tax Digital (MTD), represents a significant shift in how businesses manage and report their taxes. Introduced to simplify tax reporting and reduce errors, MTD mandates the use of digital record-keeping and submission through compatible software. While this change marks a new era in tax management for [...]
How to Prepare Your Business for Making Tax Digital
In today's fast-paced digital world, the UK government's Making Tax Digital (MTD) initiative is revolutionising how businesses handle their tax affairs. But what does this mean for you, and how should you prepare your business for Making Tax Digital? Let's dive in and explore the steps you need to take [...]
Making Tax Digital for Income Tax: What You Need to Know
As the UK government continues to modernise the tax system, Making Tax Digital (MTD) is a significant step towards a more efficient and streamlined process. While many businesses are already familiar with MTD for VAT, the initiative is also extending to income tax. This article will provide detailed information on [...]
Making Tax Digital for VAT – What You Need to Know
Ah, taxes! A word that sends shivers down the spine of many. But hold onto your hat, because the tax landscape is shifting in the UK with the introduction of Making Tax Digital (MTD) for VAT. If you're scratching your head wondering what this means for your business, you've come [...]
Demystifying Partnership Tax Returns: Form SA800 Explained
Navigating the world of taxes can feel like traversing a labyrinth, especially when it comes to partnerships. Unlike sole traders or limited companies, partnerships have their own unique set of tax rules and responsibilities. Enter Form SA800, the key document that partnerships must submit to HM Revenue and Customs (HMRC) [...]
Sole Trader vs Self-Employed: What’s the Difference?
Stepping into the world of business ownership can feel like navigating a labyrinth. Amidst the twists and turns, understanding the difference between being a sole trader and being self-employed is crucial. They may seem like identical twins, but they possess distinct characteristics that can significantly impact your business journey. So, [...]