Tax Tuesday – Making Tax Digital for Income Tax

Content

‘Making Tax Digital for Income Tax’ is HMRC’s new initiative to bring tax reporting into the 21^st Century.  From April 2023 virtually  all businesses and landlords will be required to keep digital records and report their income and expenditure to HMRC every quarter via an online return. Terrifyingly, this is now only just over 18 months away. This has been proposed for some years now, but up to now has always been delayed. Will it be delayed again?

Also, as part of this brave new world, HMRC proposes effectively to force all unincorporated businesses to adopt an accounting  year end that coincides with the tax year end (31 March/5 April).

How is this all going to work, and what will be the impact for you?  Yvonne will try to summarise what we know now to give maximum warning.

Speaker

Yvonne Graham