Making Tax Digital is a scheme to make taxpayers move from paper to digital records. Sole traders and landlords earning more than £10,000 won’t be affected till 2023. Currently, VAT registered businesses with turnover >£85,000 are affected. This will extend to all VAT-registered businesses and will come into effect for the self employed who pay income tax as well as corporation tax.
Deadlines:
MTD aims to be a faster, easier and more efficient method of doing taxes, cutting down errors in manual calculations.
You now send your income tax digitally as opposed to self assessment, you’ll need compatible software to keep records, send HMRC your income and expenses every 3 months, you’ll get estimates of the amount you owe each quarter.
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