Do you work for yourself as a sole trader or earn money from property?
Tax returns are changing – with a new way to record and report your income and expenses. This is called Making Tax Digital for Income Tax.
Sometimes you’ll see this shortened to MTD for Income Tax.
This is a huge change for both taxpayers and their agents. In fact HMRC have said it is the biggest change since they bought out self assessment 30 years ago.
Instead of doing one single tax return, you will have to send quarterly returns, spreading your admin across the year.
You will need to use digital software
You will need to send quarterly returns to HMRC from this software every quarter
You will then submit a final return by 31st January (similar to what we do at the moment).
Please don’t leave it until the last minute to get involved. There is lots of help and support out there.
HMRC have got some great YouTube videos for you to have a look at.
If you need any help or support – please get in touch.
