Blogs

Written by Roulon du Toit

Who will be affected by MTD? Landlords with a taxable income of more than £10 000 per year. This will include rent from both furnished holiday flats and rental properties. Landlords should also include taxable income generated from self-employment activities.

What are the main rules and changes to be aware of?

Landlords must ensure that they are registered for MTD for Income Tax before 6 April 2023.

Landlords who are registered for self-assessment or even registered for MTD for VAT will not automatically be transferred across to MTD for Income Tax.

We did it!

We have created an application that will help individuals work out whether they are tax resident in the UK. The app is completely free, but there is an option to make an appointment with someone at Anlo if, having used the app, you think your tax affairs require further discussion.

This was something that I wanted to do a year ago. I wanted to help people like me that have moved to the UK and are unsure of their tax status, and uncertain if they are classed as tax resident.

I am not a social media butterfly and don’t like sharing my life with the world, but this month I want to share something that I have never done before, that made me very proud. I took our 3 kids mountain biking (the blue path so nothing fancy) in the Glenlivet estate in the Highlands, Scotland.

If you know me, you will appreciate how out of my comfort zone that was. And I loved it. That made me think of how important it is to do things that are out of our comfort zone. It makes you see the world differently and appreciate things we take for granted.

Submitting your self-assessment in April might seem strange for some people, but I love being prepared :-).

We are ready, so let's get your self-assessment done and dusted so that 2022 can be awesome!

I would like to encourage all our lovely clients to get their self-assessment done as soon as possible.

It has been a while since I have sat down and thought about Anlo’s newsletter and what I would like to write to all our wonderful clients.

People that have gone through grief told me that you don’t feel yourself for a period, and I used to listen and sympathise, but I could not really imagine how long that feeling will last, or how deep it will hurt, until now.

With the love and closeness of wonderful people, I am slowly getting there.

If you work through a limited company, it can be very tax efficient to have your limited company make pension contributions directly into your pension scheme. Please note that we are not pension advisors so we cannot give specific pension and investment advice and if you are interested in starting a pension, we would strongly advise that you discuss your specific circumstances with a pension advisor.

To start with I need to explain the difference between pension contributions made personally and contributions made by your company (aka employer contributions).

I was asked again this month to do a presentation for the Acting Out Drama school in Edinburgh for the final year students on what is the best way to trade; as a limited company or as a sole trader.

I thought it might be useful to show the differences in a table format.

This table is only a summary, and you should read and consider the facts on the Government Gateway or consult with an expert before making a final decision.

Welcome to 2022. We wish you a very happy and merry new year!

Please remember to send us your self-assessment information if you haven’t done your 2020.2021 self-assessment and would like Anlo to assist with your return.

The deadline is the 31st of January 2022 to file your return. But HMRC has issued correspondence that they will allow taxpayers until the end of February 2022 to file their tax returns without any penalties if they have a reasonable excuse to file the return late.