{"id":2643,"date":"2022-07-27T15:27:12","date_gmt":"2022-07-27T14:27:12","guid":{"rendered":"https:\/\/kirkwoodwilson.co.uk\/?p=2643"},"modified":"2022-07-27T15:27:12","modified_gmt":"2022-07-27T14:27:12","slug":"self-assessment-tax-return","status":"publish","type":"post","link":"https:\/\/kirkwoodwilson.co.uk\/self-assessment-tax-return\/","title":{"rendered":"Making Tax Digital for income tax \u2013 Quarterly information to be reported by businesses"},"content":{"rendered":"\n
Making Tax Digital<\/a> for Income Tax will apply to sole traders, property landlords and other businesses with gross turnover and\/or property income over \u00a310,000 a year, commencing in April 2024. The system will then be extended to partners from April 2025, LLPs and partnerships with corporate members from April 2026.<\/p>\n\n\n\n The Income Tax (Digital Requirements) Regulations 2021<\/a> set out the requirements that relevant persons must comply with under Making Tax Digital for Income Tax. This includes the use of Making Tax Digital compatible softwares to keep and preserve business records (income and expenses) digitally, send quarterly updates of their records to HMRC<\/a>, and to submit an end-of-period statement to HMRC.<\/p>\n\n\n\n HMRC have published draft notices of the detailed provisions for consultation. The consultation invites views on these which provide additional information on the key requirements of Making Tax Digital, as they relate to:<\/p>\n\n\n\n Draft notices specify the proposed dataset requirements. Later in the year, HMRC is set to publish guidance explaining the ways that customers can reflect any accounting and tax adjustments that may be required to reconcile the quarterly submissions to the final taxable profits for the year (The End of Period Statement). The consultation sets out the adjustments that are likely to be required, such as:<\/p>\n\n\n\n The breakdown of income and expenses broadly follow the heading on the self-employment and property income pages on the Self Assessment Tax Return.<\/p>\n\n\n\n The consultation document<\/a> states that where annual turnover is below the VAT registration threshold, the individual can opt to provide the total of all income and the total of all expenses, rather than a detailed breakdown of expenses. This is also the case with the self-employment pages in the Self Assessment Tax Return.<\/p>\n\n\n\n Retail business may enter a single digital record containing the daily gross takings for any retail sales made.If you need support in ensuring that your business is government<\/a> compliant with Making Tax Digital, please contact us<\/a> today to speak with a member of the team<\/a>. We are here to help!<\/p>\n","protected":false},"excerpt":{"rendered":" Making Tax Digital for Income Tax will apply to sole traders, property landlords and other businesses with gross…<\/p>\n","protected":false},"author":2,"featured_media":2644,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"footnotes":""},"categories":[20],"tags":[],"acf":[],"yoast_head":"\nMaking Tax Digital and draft notices<\/h2>\n\n\n\n
What is a self assessment tax return? All the requirements<\/h2>\n\n\n\n