Making tax digital: new dates announced
Under new HMRC rules landlords with a turnover above £10,000 will have to keep financial records digitally using specialist software and send HMRC quarterly updates on their tax affairs from April 2023. This is under reforms to tax return requirements termed “Making Tax Digital”.
Those with VAT-registered businesses with a taxable turnover below £85,000 will be required to comply with these requirements from April 2022.
The requirements were originally set to be introduced from April 2018 but in response to concerns raised about the scope and pace of reforms the government made the decision to delay their introduction.
VAT-registered businesses with a taxable turnover above the VAT threshold (£85,000) are already required to follow the Making Tax Digital rules.
You can learn more about Making Tax Digital on the government website here.