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4 Nov 2021

The Government has launched a new Export Support Service to help UK businesses get answers to practical questions about exporting to Europe.

4 Nov 2021

The Scotland Cycle Repair Scheme was announced today by Patrick Harvie (MSP, Minister for ZeroCarbon Buildings, Active Travel and Tenants' Rights) at the Cycling Scotland Conference.

1 Nov 2021

ACT and ActSmart partner Global Payments (GP) will be contacting all customers to arrange the replacement of your terminal(s) to keep you up with modern requirements for no extra cost.

27 Oct 2021

The Budget and SR21 promised much for both the cycling industry and for retailers, but will it be enough to help recover the damage done from the pandemic and help sustain the cycling industry...

27 Oct 2021

During the Maybe* monthly masterclass you'll discover each month which bike shops have had the most social media engagement and why - catch up on last week's now.
The masterclass...

26 Oct 2021

NeartSt is now available to ActSmart subscribers from just £9 per month with no lock-in (30 day rolling contract). In addition to this, ActSmart Gold subscribers can...

26 Oct 2021

With courses for both enthusiasts and professionals, the Cytech journey you take will differ depending on where you want to take your new skills, but either way your journey will begin with...

25 Oct 2021

In excellent news the government has recently announced an extension to their £3,000 incentive payment to employers taking on a new apprentice, with an employment start date from 1...

21 Oct 2021

A recent article featured in Forbes has advised independent retailers to plan ahead this Christmas, especially with regard to e-commerce, stock quantities and COVID restrictions.

19 Oct 2021

The FCA have recently announced significant increases in their base ratefees that will have an unfavourable effect, particularly on smaller independent retailers.

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Making Tax Digital for Income Tax Self Assessment Delayed to 2024

Posted on in Business News , Cycles News , Political News

In a income-taxwritten ministerial statement made by Lucy Frazer MP, Financial Secretary to the Treasury, the government has announced it will be introducing compulsory Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) a year later than planned.

MTD for ITSA will now be introduced in the tax year beginning April 2024. General partnerships will not be required to join MTD for ITSA until the tax year beginning in April 2025. It will be confirmed at a later date when all other types of partnerships will be required to join.

The delay is a result of the challenges faced by businesses throughout the pandemic. The delay allows more time for businesses to join and take relevant preparations and an extended HMRC pilot testing phase.

Making Tax Digital (MTD) first launched for those with taxable turnover above the VAT threshold (£85,000 per annum) in April 2019. Since MTD for VAT was launched in April 2019, over 1.5 million businesses have signed up, including a number of VAT-registered businesses that have joined voluntarily.

VAT-registered businesses with taxable turnover below the threshold need to have joined MTD for their first tax return from April 2022. Over 30% of these customers have already signed up voluntarily.

More information about the delay can be found in the Government press release here: Businesses get more time to prepare for digital tax changes

 

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