Deadline nears for Making Tax Digital quarterly update on Friday August 7th

The Fed has urged members impacted by the new Making Tax Digital quarterly update requirements to report them to HMRC by the deadline of Friday 7^ویں August.

The reporting requirement  – which is not a tax return – is applicable to sole traders and landlords earning more than £50,000 from their self-employment and property income.

Those who think they may be affected should visit GOV.UK and search ‘Making Tax Digital for Income Tax’ whilst they have time and should only take minutes to complete.

Commenting, Craig Ogilvie, HMRC’s Director of Making Tax Digital, said:

“This is a landmark moment for the tax system. Hundreds of thousands of sole traders and landlords are now keeping digital records and will be sending their first quarterly update in the coming weeks.

“For those already using software, this should be straightforward and take minutes. If you haven’t signed up yet, there is still time.”

For Fed members looking for more information about completing their tax reporting responsibilities, including tax returns, please consult the following post from earlier in the year on the Fed website: https://thefedonline.com/news/the-fed-encourages-members-to-use-new-hmrc-tax-confident-website/