Business Tax – Making Tax Digital for Business

Extensive changes to how taxpayers record and report income to HMRC are being introduced under a project entitled Making Tax Digital for Business (MTDfB). The government has decided how the general principles of MTDfB will operate. Draft legislation has been issued on some aspects and more will be published in Finance Bill 2017. Under MTDfB, businesses, self-employed people and landlords will be required to: Maintain their records digitally, through software…