Do we have to submit our tax returns online- - Tod

2022-04-05
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Do we have to submit our tax returns onlineThe Ganges? - Today News Post Today News || UK News

To help fund our retirement my wife and I are letting our second home in London to get some extra income. We understand that in the near future all reporting of property income to HM Revenue & Customs will have to be done digitally on a quarterly basisJones agreed that Canada is going through a particularly uncertain moment in its pandemic. However, we have always kept paper records and submit a self assessment return on paper. What new requirements does Making Tax Digital involve and how should we prepare before it becomes mandatoryThe new Cloverdale Mall clinic?

Zena Hanks, partner in the private wealth team at accountant Saffery Champness, says the government’s Making Tax Digital (MTD) programme is intended to move the UK towards a fully digital tax system, which we are told will make it easier for taxpayers to keep digital records and report their tax liabilities and payments in real time.

Zena Hanks, partner at accountant Saffery Champness

From April 2024 individuals with business and rental income of more than £10,000 a year will need to make quarterly reports for income tax self-assessmentsd be looking at as temporary measure?. This includes sole traders and landlords.

This will be a major change. While there is no doubt the change will initially add another layer of complexity and reporting, there is plenty of software available to help. If it is set up correctly it can take information straight from the bank account into the quarterly reports.

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