What is Making Tax Digital?
The simplest explanation of Making Tax Digital is that the tax system in the UK is moving away from paper tax returns and instead wants to make it compulsory for individuals and businesses to submit income and expense data digitally.
When the changes come into effect, you’ll need to submit 4 quarterly income tax updates and a final declaration a year digitally. There are benefits though. No more large tax bills at the end of the year and real time tax reporting so you can see how much you owe at any one point in time. Get more familiar with Making Tax Digital using the other information and resources on this page.