When it comes to earnings, some, like salaries, undergo upfront taxation, while others may initially remain untaxed. Untaxed earnings must be disclosed to HMRC upon receipt and may require annual reporting through a tax return. If you are starting...
Making Tax Digital (MTD) is a government initiative to make tax administration more efficient. Under MTD, individuals and businesses need to keep digital records, use accounting software that complies with MTD standards, and submit updates every quarter. These submissions...