Making Tax Digital

Self-employed people and landlords in Scotland are being urged to act now to avoid a last-minute scramble when major changes to the tax system come into force next year. Tens of thousands of Scots are expected to be among 780,000 people across the UK who must switch to Making Tax Digital for Income

Sole traders and landlords with qualifying income exceeding £50,000 will face a significant change in tax reporting from next year, with the mandatory implementation of Making Tax Digital (MTD) for Self Assessment. Under the new system, affected individuals must maintain digital records using

The Low Incomes Tax Reform Group (LITRG) warns that thousands of businesses are at risk of facing financial penalties if they do not act to comply with the new reporting regime. The warming comes after HMRC has begun automatically signing up VAT-registered businesses to its new Making Tax Digital (M

HMRC has kept its promise to adopt a light-touch approach on the imposition of fines for businesses who have failed to file on time with the shift to the new Making Tax Digital (MTD) system for VAT, according to Saffery Champness LLP. HMRC had not issued any fines for the 120,000 businesse