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19 Oct 2021

This is the £200 threshold that determines the response by the police, and theft below this level does not always merit a police visit and offenders can plead guilty by post.

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.

18 Oct 2021

Cycling Industry News has announced the launch of its 2022 Market Data drive and once again invites UK-based independent bike retailers to participate.

18 Oct 2021

#BikeIsBest,the cycle industry campaign supported by leading brands, retailers, organisations and cycling advocacy groups, has launched its latest campaign: When more people cycle,...

18 Oct 2021

The All Party Parliamentary Group for Cycling & Walking (APPGCW) have an upcoming meeting on Monday the 18th October focussing on initiatives to promote walking

14 Oct 2021

Originally due to end on 31 December 2021, it has since been announced (4th October 2021) that the scheme has been extended until March 2022.

13 Oct 2021

Cytech continues to be in record-breaking demand as it now sees the highest ever number of technicians certified within one month in September 2021 - with over 115 in the UK alone!

13 Oct 2021

According to UK Finance, 'The new £100 limit is designed to balance security, convenience and consumer demand."

11 Oct 2021

With current incentives andfunding grants in place employers taking on new apprentices could receive up to £4,000 per apprentice.

11 Oct 2021

Your Business Journey to Net Zero, is a series of locally focused virtual events, designed to help small businesses who want to play theirpart in climate change, but don't know where is best...

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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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