It is not just Vertis that believes ‘going digital’ will improve business efficiency. HMRC is working to modernise the UK Income Tax system as part of a much wider Making Tax Digital (MTD) programme.
The regulation changes affecting sole traders and landlords are known collectively as Making Tax Digital for Income Tax (MTD IT). The new rules essentially relate to the keeping of accounting records and the reporting requirements for income tax. Whether these changes affect you or not is based on the level of turnover that you earn as a sole trader or property landlord – it is important to note that it is turnover and not profit that determines qualification for MTD IT.
Understanding the regulations
Vertis has prepared a detailed explanation of the new rules, what changes, and what stays the same. We will be continually updating this advice as HMRC implements the new system, and we will reflect any changes in HMRC policy. Clients can rest assured that we are very focused on assisting you through these changes and will do all that we possibly can to make the changeover process a smooth and efficient one for you.
We have reviewed many sources of information, comment, and content about MTD IT. From these we have compiled an informative guide and a list of frequently asked questions and answers which may assist you in understanding the changes that are being made.
For a fuller explanation of how you might be affected please download our guide:
