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Kickstart Scheme deadline extension

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.
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September breaks records for number of practical Cytech technicians certified within one month

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!
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Contactless Payments Increase to 100 on Friday 15th October 2021

13 Oct 2021

According to UK Finance, 'The new £100 limit is designed to balance security, convenience and consumer demand."
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Your business journey to net zero: Register for the London or Scotland event now

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... Read more…

Write to your MP ahead of Chancellor's Autumn Statement

7 Oct 2021

Independentretailers are urged to write to their MPs ahead of the Chancellor's Autumn Statement, which is expected to include a review of business rates.
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Free workshops: Build Back Better by designing circularity into your businesses

6 Oct 2021

Come along to this practical online workshop and you'll take a fresh look at the resources flowing through your business and identify opportunities to increase your profits.
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Making Tax Digital for Income Tax Self Assessment Delayed to 2024

6 Oct 2021

The government will be introducing compulsory Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) a year later than planned
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Beware of an increase in fraud; here's what to look out for...

30 Sep 2021

Members across the Independent Retailers Confederation (IRC) have reported an increase in scam emails and fraud attempts experienced by retailers.
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Contactless limit to increase to 100 from 15 October

29 Sep 2021

UK Finance have announced that the national roll-out of the new £100 spending limit for contactless card payments will begin from 15 October 2021.
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Reunite and rediscover food & drink this October at the Fine Food Show North

29 Sep 2021

IRC member the Guild of Fine Food are hosting the Fine Food Show North, a showcase of small & medium-sized food and drink producers from across the UK
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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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