If you have a limited company, keep an eye on the profitability as it approaches the financial year-end because you can deposit a lump sum in the director’s SIPP to deplete the taxable profit. You’ll need to do it before the year-end date because it cannot be accrued. Apart from the obvious corporation tax benefits, … Continue reading
A heads-up for sole traders and landlords: the way many people report their taxes to HMRC is changing. Under Making Tax Digital (MTD) for Income Tax, the days of keeping a folder of receipts and dealing with everything once a year are gradually coming to an end. Instead, you’ll need to keep digital records and … Continue reading