Making Tax Digital: 6 tax returns required each year! HMRC’s 6 Making Tax Digital consultation documents have been open for review and comment for several weeks now. As time has passed, it has become ever more apparent that there are enormous changes ahead for all taxpayers affected; initially the self-employed and landlords. Further review of the documents…
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Making Tax Digital: Are you prepared? As HMRC further consults over their 4 year plan to digitise the tax system, our Tax Group briefs clients on some of the issues: Autumn 2016 Update
Making Tax Digital (MTD) and BREXIT: Calls for more exemptions. The MTD consultation documents issued by HMRC on 15th August included an exemption from the proposals for quarterly digital reporting for small businesses and landlords with income below £10,000. This has prompted calls from interested parties for further concessions including an increase in the exemption…
Small Buy-to-let Landlords: HMRC offers simplified tax rules.
HMRC’s 12-week consultation into Making Tax Digital (MTD) published 15th August focuses on one of the measures aimed at simplifying the tax rules for unincorporated property businesses, giving landlords the choice to use the simplified cash basis, currently only available to some unincorporated traders. Landlords with annual business income below £10,000 will not be required to keep their business records digitally or provide quarterly updates to HMRC, but they will still be able to use the optional cash basis. Through using the cash basis, the move towards quarterly updates required by MTD would become more straightforward, giving landlords additional flexibility.
Landlords: Get ready for submitting 4 tax returns a year?
H M Revenue & Customs will be implementing ‘ Making Tax Digital’ over the coming few years. Their aim is for ‘most’ landlords to be reporting their income each quarter via their digital tax account rather than after the end of the tax year on a tax return.
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