As well as keeping digital records and filing quarterly updates each year, you will also be required to complete an end of year tax return under Making Tax Digital. This must be done digitally, using compatible third party software. We explain more about this process below.
Making Tax Digital for Income Tax will require taxpayers to maintain their business records digitally using compatible software. This page explains the requirements and includes information on factors taxpayers should consider when choosing software.
Making Tax Digital for income tax affects individuals who have specific types of income above a certain threshold. This guidance covers who must use the new Making Tax Digital reporting system.
The new Making Tax Digital rules apply to you once your income from self-employment and/or property letting exceeds the relevant Making Tax Digital threshold, unless you are exempt. On this page we look at what happens if your income falls below the relevant Making Tax Digital threshold ...
Making Tax Digital for income tax is a new way of reporting and recording income and expenses if you are self-employed and/or receive property income, and for completing your annual tax return. You need to begin following the new rules once your gross income (sometimes called qualifying income) is ...
Making Tax Digital for Income Tax requires affected taxpayers to keep digital records and send details of their income and expenditure to HMRC every quarter (known as a quarterly update). This page explains what digital record keeping means and explains the process for filing quarterly ...