Alex Ranahan sets out the Making Tax Digital rules and urges advisers to help relevant clients get to grips with their new responsibilities...
HM Revenue & Customs' (HMRC) drily abbreviated tax-collecting initiative ‘MTD for ITSA' (Making Tax Digital for Income Tax Self-Assessment) will be arriving in the UK before we blink. It will affect landlords, some businesses, and sole traders operating as self-employed who are earning qualifying income and are currently registered for tax self-assessment. What's new is that these individuals will be obliged to create and maintain digital records and update HMRC every quarter using suitable software. This additional obligation represents a considerable change from the normal annual s...
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