Get ready for Making Tax Digital for Income Tax
How HMRC's new way for sole traders, landlords and their agents to report income and expenses will help them manage their tax affairs.
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Making Tax Digital for Income Tax will help sole traders and landlords stay on top of their tax affairs. This is done by using compatible software to keep up to date digital records and send closer to real-time updates of income and expenses to HMRC each quarter.
These changes will help you to:
- pay the right amount of tax
- reduce the chance of making errors
- have a clear view of your finances
- plan for the future
Making Tax Digital for Income Tax will be introduced in phases for sole traders and landlords, based on their gross annual income from self-employment and property (before expenses, allowances, and tax deductions).
Find out if and when you need to use Making Tax Digital for Income Tax.
Updates to this page
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Information has been expanded including 鈥楿sing Making Tax Digital for Income Tax鈥� with links to specific guidance. 鈥楬ow accountants and bookkeepers can get ready鈥� section has been updated with revised steps. More information has been added on quarterly updates to 鈥楩requently asked questions (FAQs)鈥�. A link has been added for videos and webinars for Making Tax Digital for Income Tax.
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First published.