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MTD - Quarterly Digital Reporting
In our first e-shot on Making Tax Digital (MTD) we explained that there are three main strands to the project proposals. In this e-shot we provide further information on the quarterly digital reporting of income and expenditure by businesses, self-employed people and landlords.

Quarterly updates
The proposals imply that by 2020, most businesses, self-employed people and landlords will be required to keep track of their tax affairs digitally and update HM Revenue & Customs (HMRC) at least quarterly through their digital tax account. These changes will be phased in from 2018. 

These measures will not apply to unincorporated businesses or landlords where their turnover or gross income from property is under £10,000. Some businesses and landlords with income above £10,000 will also benefit from a deferral of the new rules by one year.

To meet these quarterly reporting requirements, taxpayers will be expected to use software or apps which record day-to-day transactions, categorise them into different types of income or expenses and then feed the summary data directly into HMRC’s systems. 

The periodic updates of data to HMRC will be made quarterly but could be done more frequently if a business or landlord chooses. When an update is due, businesses and landlords will have one month to compile the information and declare that the period’s data is complete to the best of their knowledge.

The 'End of Year' return
Throughout the year, businesses will have provided HMRC updates of their business income and expenditure. After the end of the year, having made any adjustments to arrive at their taxable profit or loss, businesses will make an ‘End of Year’ declaration that everything is correct and complete.

This declaration will be made within nine months of the end of a period of account (normally a period consisting of four consecutive quarterly returns).

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Grandad,
To support my charity text MAYORWALK to 70085 to donate £5

It would appear the Government are now determined to kill the need for accountants,lots of professional jobs lost if this is enacted.

Surprised that accountants have not opposed this.

Never used an accountant in 28 years.

I was told that much of this has already been dropped by the fsb

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Taxis Are Public Transport too

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What do you mean by "dropped"?

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Grandad,
To support my charity text MAYORWALK to 70085 to donate £5

HMG has moved the goalposts

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Taxis Are Public Transport too

Join the campaign to get April fools jokes banned for 364 days a year !

Meaning?

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Grandad,
To support my charity text MAYORWALK to 70085 to donate £5

something like 75 percent of us will not be included in this

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Taxis Are Public Transport too

Join the campaign to get April fools jokes banned for 364 days a year !

And that was clear from your cryptic posts.

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Grandad,
To support my charity text MAYORWALK to 70085 to donate £5