Getting ready for Making Tax Digital

Making Tax Digital – what is it ? and when does it start ?

Making Tax Digital (MTD) is an HMRC initiative that is hyped as the “big thing” that will revolutionise the UK tax system and “kill” the annual Self Assessment tax return.

Under MTD it is proposed that the Self Assessment tax return will be replaced by five new reporting obligations made during and after the tax year.

Basically instead of reporting your income and expenses once a year, you’ll be reporting quarterly (every 3 months)

You’ll also have to keep digital records instead of paper receipts.

For more information, please refer to our Knowledge Hub.