Making Tax Digital
The UK is moving to making tax digital.
This has already started with businesses being required to submit VAT returns online with digital links to their underlying transactions.
From April 2024 the self employed and landlords will be included
Where INCOME (not profits) from either self employment and/or rents exceeds £10K the self-employed and landlords will have to make 5 electronic submissions to HMRC each year.
The first 4 of these submissions will be made quarterly with the 5th submission being the final one (the equivalent of the year end tax return)
These submissions must contain digital links to the underlying transactions which means keeping paper records will no longer be an option.
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