Making Tax Digital

Under new requirements for Income Tax Self-Assessment, individuals who are subject to income tax on the profits of their business (or properties if a landlord) will be required to keep their accounting records electronically (using software or on spreadsheet) and file quarterly returns to HMRC. A final declaration will then be submitted after the tax year is completed.

The timing of tax payments will not change and will remain as the January 31st deadline after the tax year has passed. It is just the frequency of reporting that is changing.

You can check here to see if you fall under these new requirements: Click here