Peter Aratoon

The one and only Chris Downing joined me to breakdown everything you need to know about preparing for HMRC's Making Tax Digital (MTD)… What You'll Learn: ✅ Key MTD deadlines and compliance requirements ✅ Step-by-step preparation strategies for businesses ✅ Common pitfalls to avoid during the transition ✅ Expert tips for seamless HMRC integration ✅ Real-world implementation best practices for business owners and accountants! Watch it now! https://lnkd.in/ebPdah_Y

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Qualified small businesses with domestic R&D activities now have a rare, time-sensitive opportunity to unlock significant tax benefits. A recent change allows you to: ✅ Amend your 2022, 2023, and 2024 tax returns ✅ Fully expense all eligible domestic R&D costs ✅ Generate immediate cash flow This provision applies to R&D work already completed such as product development, software creation, process improvements, and other activities meeting the IRS definition of qualified research under Section 174. The critical detail: There is only a one-year window from the date this law was enacted to take advantage of this opportunity. Once that period ends, the ability to claim these retroactive benefits is gone. For eligible companies, this can mean freeing up capital to reinvest in operations, innovation, or growth without raising external funding. However, proper documentation and a clear understanding of qualification criteria are essential to maximize benefits and remain compliant. Businesses should act quickly to assess eligibility, gather records, and file amended returns with the guidance of a tax professional experienced in R&D expensing. #RDTaxCredit #TaxStrategy #SmallBusiness #StartupFunding #Innovation #BusinessGrowth #TaxPlanning #RDExpensing #AccountingIndustry

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MTD IT IS COMING 😱 Making Tax Digital for Income Tax (MTD IT) is the biggest change to the UK tax system in decades 🤒 From April 2026, sole traders and landlords earning over £50,000 must keep digital records and submit quarterly updates to HMRC using compliant software ✅ (PS Dext have one of those compliant softwares called Dext Solo 😂 ) As an accountant or bookkeeper, MTD IT is going to change how you price services, engage clients and manage workflows, its a lot! 🤯 But MTD IT is also about opportunities, not just obligations 🫡 The MTD Oracle (AKA Paul L.) has produced a top tier guide for free for you to use to get your head around whats to come 🤩 Interested? Link in comments! 🥳 PS Nick Charnley my good pal also works in tax and is my pal in the picture 🥸 #mtd #mtdit #hmrc

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🚨 A Costly Oversight: Why Even Dormant Companies Need a Tax Health Check 🚨 A few months ago, we met a client who had registered a company with ambitious future plans—but for now, it was dormant. Thinking inactivity meant no action was needed, they didn’t file monthly VAT and PAYE returns, nor the annual final return. No income, no tax—right? Wrong. Despite being dormant, the law requires timely tax filings once a company is registered. By the time they came to us, their startup was facing accumulated penalties and interest that far exceeded their initial capital investment. This situation could have been completely avoided with a simple annual Tax Health Check and timely professional advice. 💡 Here’s the takeaway: Whether your business is active, scaling, or just starting—compliance starts from day one. Understanding your obligations early prevents unnecessary stress and costs later. At RSM Tanzania, we support mid-market clients across Tanzania with proactive, practical tax advice to keep you compliant and confident. 🔎 When was the last time your company had a tax health check? Let’s talk. #TaxCompliance #RSM #MidMarketMatters #Tanzania #TaxHealthCheck #BusinessAdvisory #DormantCompany #Entrepreneurship

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HMRC is quietly increasing its scrutiny of small businesses, especially those run by sole directors or anyone who’s previously claimed VAT refunds or received COVID-related support 😱 If you fall into that category, it’s worth knowing what might trigger a closer look. Things like unusually high expenses, late submissions, or VAT claims that don’t have solid documentation behind them can all raise questions. Even activity that doesn’t quite match your usual pattern can be enough to prompt a review ❌ Now’s a good time to take stock. Go back over your past returns. Make sure your records are complete and easy to follow. If you’re still relying on spreadsheets and email chains, consider switching to proper accounting software that captures receipts and tracks everything in one place 🧾 And if you’ve been managing it all yourself up to now, it might be time to bring in a second pair of eyes. An accountant can spot issues before HMRC does and help you fix them 👨‍💼 The more your business grows, the more attention it attracts. Being proactive now could save you a lot of stress later 💪🏻 #accountantdunstable #auditamy #hmrcchecks #vatinvestigation #compliancecheck

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