HMRC is consulting on draft notices which set out further information requirements for businesses/taxpayers under the making tax digital (MTD) for income tax regime from April 2024. The notices will have the force of law under the principal regulations which set out the requirements that relevant persons must comply with under MTD for income tax (SI 2021/1076).
The drafts will require various information to be provided to HMRC, including the following:
for businesses with trading or property income, the quarterly period start and end dates together with details of turnover and various specified business costs;
end of period information, including details of allowances claimed and any balancing charges; and
retail sales notices, setting out what needs to be included and excluded in the gross daily retail sales digital record.
Views on the proposed notices are invited by 28 July 2022.
HMRC guidance is expected later this year explaining how to reflect any accounting and tax adjustments that may be required to reconcile the quarterly submissions to the final taxable profits for the year.
HMRC is consulting on draft notices which set out further information requirements for businesses/taxpayers under the making tax digital (MTD) for income tax regime from April 2024. The notices will have the force of law under the principal regulations which set out the requirements that relevant persons must comply with under MTD for income tax (SI 2021/1076).
The drafts will require various information to be provided to HMRC, including the following:
for businesses with trading or property income, the quarterly period start and end dates together with details of turnover and various specified business costs;
end of period information, including details of allowances claimed and any balancing charges; and
retail sales notices, setting out what needs to be included and excluded in the gross daily retail sales digital record.
Views on the proposed notices are invited by 28 July 2022.
HMRC guidance is expected later this year explaining how to reflect any accounting and tax adjustments that may be required to reconcile the quarterly submissions to the final taxable profits for the year.
