Making Tax Digital

Key points

• If your qualifying income from self-employment or property exceeds the relevant threshold, you may need to keep digital records, use compatible software and submit quarterly updates to HMRC.
• The rules are being introduced in stages, so understanding when they apply to you is essential. Leaving it until the last minute could mean unnecessary stress and extra work.
• The solution is simple: check whether you are affected, make sure your records are up to date and prepare your bookkeeping systems in advance.
• Getting organised now can make the transition to Making Tax Digital much smoother.