kanrent Posted September 18, 2021 Report Share Posted September 18, 2021 landlords with annual business or property income above £10,000 will need to follow the rules for MTD for Income Tax from their next accounting period starting on or after 6 April 2023. Quote Link to comment Share on other sites More sharing options...
Richlist Posted September 18, 2021 Report Share Posted September 18, 2021 Yes that's correct. Quote Link to comment Share on other sites More sharing options...
kanrent Posted September 18, 2021 Author Report Share Posted September 18, 2021 25 minutes ago, Richlist said: Yes that's correct. What exactly is that, does that mean that yourself assessment tax return will have to be do on line as opposed to a paper return Quote Link to comment Share on other sites More sharing options...
kanrent Posted September 18, 2021 Author Report Share Posted September 18, 2021 Im about 50 years behind regarding technology Quote Link to comment Share on other sites More sharing options...
Melboy Posted September 18, 2021 Report Share Posted September 18, 2021 MTD = Making Tax Digital https://www.gov.uk/government/publications/making-tax-digital/overview-of-making-tax-digital Quote Link to comment Share on other sites More sharing options...
Grampa Posted September 18, 2021 Report Share Posted September 18, 2021 13 minutes ago, Melboy said: MTD = Making Tax Digital https://www.gov.uk/government/publications/making-tax-digital/overview-of-making-tax-digital I'm glad i'm not the only one. Quote Link to comment Share on other sites More sharing options...
Richlist Posted September 19, 2021 Report Share Posted September 19, 2021 I haven't read the whole link. But, apart from doing tax returns digitally as opposed to paper returns it's also, more importantly, really about keeping digital records which for many of us is likely to be more of an impact than the actual tax return itself. I suspect a very large proportion of us already do our returns online, I certainly do. But I often do the preparation etc on paper and that's what is going to need a change on my part. If you employ an accountant I suggest you talk to them about what they intend to do, how they see their responsibilities, what they expect from you and how it will work in reality. We know someone who hands his accountant a shoe box of paper receipts every year for his tax returns......I suspect his bill will rise significantly unless he starts to be a little more proactive. Quote Link to comment Share on other sites More sharing options...
Grampa Posted September 19, 2021 Report Share Posted September 19, 2021 6 hours ago, Richlist said: We know someone who hands his accountant a shoe box of paper receipts every year for his tax returns......I suspect his bill will rise significantly unless he starts to be a little more proactive. As someone you doesn't do their own account as I have family who are accountants I can confirm many companies and sole traders do just dump off a box or tesco carrier bag of receipts off at their accountant. (me not being one). Also amongst the receipts will be a lot of personal expenses just chucked it as well which have to be discounted and separated. But as we know you can be the best bricky or sparky in the world but it doesn't make you a good businessman. Quote Link to comment Share on other sites More sharing options...
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