Making Tax Digital in 2018

Self assessment tax returns will be replaced by 'online digital tax accounts'.

The entries and completion of these digital tax accounts will be a continuous real time constant update, by the taxpayer, his accountant and HMRC.
It is an online portal that allows you to view and update, and indeed pay all your differing taxes in one place.

It is intended that full details of the client's trading income and expenditure will have to be submitted electronically by the taxpayer every quarter (this will probably be every quarter of their accounting period, not calendar quarters). Likewise for trades, professions and landlords. The commencement will probably be from April 2018.

These measures will only apply to individuals of income of more than £10,000 per fiscal year, from self employment and/or property.


Comments