Making Tax Digital (MTD) Delayed As we said last week uncertainty and change are in the air! So, this week we have more changes to announce. MTD for self-employed, partnerships and landlords has now been delayed. The change that was originally set to become law in April 2023 has now been pushed back due to […]
The new penalty regime from HM Revenue & Customs (HMRC) The UK tax system is moving towards a more digital system with the introduction of Making Tax Digital (MTD) and as part of it HMRC are introducing new penalty measures. If you are not familiar with MTD then please visit our previous blogs What is […]
The requirement to keep digital links if you are already caught under Making Tax Digital (MTD) rules came into force from 1st April 2021 as part of the second phase. HMRC defines a digital link as transfer of data between software programmes or applications.
HMRC will require businesses (including landlords) to keep digital records of all their business income and expenses and report on a quarterly basis using functional compatible software.