With the changes to income tax coming in 2024, Creative Edinburgh are here to help you to set up your freelance practise or business for the future.
Wed 21 September 2022, 4.30pm – 6.30pm
Online & In-person at CodeBase, Edinburgh
Creative Edinburgh’s surgeries advise on core questions for freelancers and small businesses. In this hybrid session, two accounting experts from Henderson Loggie will cover how to register for self-assessment, upcoming changes to income tax and important deadlines you need to know about.
Making Tax Digital for Income Tax Self-Assessment
Making Tax Digital (MTD) is an initiative brought in by HM Revenue & Customs to digitalise and simplify the way we report our financial information and the tax owed.
Following HMRC’s rollout for MTD for VAT, the Revenue is now turning their attention to income tax, known as Making Tax Digital for Income Tax Self-Assessment (MTD ITSA).
Whilst MTD ITSA does not come into force until April 2024, it is important to know how this will affect your business and start planning now.
From 1 April 2024, all self-employed businesses and landlords with gross combined income in excess of £10,000 will need to sign up for MTD ITSA. These individuals and businesses will be required to keep accounting records digitally and submit quarterly returns to HMRC.
In this session they will cover:
– Registering for self-assessment
– Choosing your legal structure (sole trader vs limited company)
– Paying taxes (tax obligations and filing/payment deadlines)
– Keeping business records digitally
– MTD ITSA reporting requirements
Book via Eventbrite: https://www.eventbrite.co.uk/e/surgery-tax-returns-are-changing-are-you-ready-tickets-391053279887
For further information, please contact firstname.lastname@example.org.