If you're self-employed or a landlord, big changes are coming in how you report your income to HMRC. Making Tax Digital for Income Tax (MTD IT) is part of the government’s plan to make the tax system more efficient, accurate and easier to manage. [...]
What is Making Tax Digital? From 1st April all VAT registered businesses with a turnover over £85,000 will have to keep digital records and submit VAT returns using compatible software. Why? HMRC want to bring tax into the digital age, bringing together their internal systems [...]
I know what you’re thinking. It's coming too fast. The systems won’t cope. HMRC will get it all wrong. And you know what? You might be right. But these issues aside, Making Tax Digital could be the best thing to happen in years. And in [...]
