You are using an outdated browser. Upgrade your browser today for a better experience of this site and many others.
Extensive changes to how taxpayers record and report income to HM Revenue & Customs (HMRC) are being introduced under a project entitled Making Tax Digital for Business (MTDfB) .
MTDfB is to be introduced in stages and the government has confirmed in the Budget the deferral of some of the obligations for one year.
The result of this announcement is that unincorporated businesses and unincorporated landlords with annual turnover:
Companies (and partnerships with a turnover above £10m) will not come within MTDfB until April 2020.
The government has decided how the general principles of MTDfB will operate and draft legislation has been issued on some aspects.
Under MTDfB, businesses, self-employed people and landlords will be required to:
DTAs are like online bank accounts - secure areas where a business can see all of its tax details in one place and interact with HMRC digitally.
Businesses, self-employed people and landlords with turnovers under £10k are exempt from these requirements.
For more information on any aspect of HMRC’s Making Tax Digital, please contact:
+44 (0)20 7430 5936 / firstname.lastname@example.org