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Making Tax Digital for VAT vs Income Tax: What Is Different?

Making Tax Digital for VAT vs Income Tax: What Is Different?

If you are comparing making tax digital for vat vs income tax, the short answer is this: they are two separate HMRC regimes with different audiences, different reporting processes and different practical demands. MTD for VAT is built around VAT record keeping and VAT...
A Making Tax Digital Preparation Checklist for Sole Traders

A Making Tax Digital Preparation Checklist for Sole Traders

If you are a sole trader and you want a clear starting point, this is the short answer: your making tax digital preparation checklist should cover whether the rules apply to you, what records you need to keep digitally, which software you will use and who will...
Making Tax Digital When You Have Multiple Sources of Income

Making Tax Digital When You Have Multiple Sources of Income

If you have more than one income stream, the key point is this: for making tax digital multiple income sources, HMRC looks at your combined qualifying income from self-employment and property, not each source in isolation. If your combined qualifying income brings you...
Making Tax Digital and Jointly Owned Rental Properties

Making Tax Digital and Jointly Owned Rental Properties

If you are searching for a clear answer on making tax digital jointly owned property, here it is: HMRC’s Making Tax Digital for Income Tax rules can apply to landlords and HMRC has specific guidance for jointly let property. That matters because jointly owned rentals...
Does Making Tax Digital Apply to Side Hustle Income?

Does Making Tax Digital Apply to Side Hustle Income?

If you have a side hustle, the short answer is this: Making Tax Digital does not apply to all side hustle income. It is aimed at people who are sole traders or landlords, are registered for Self Assessment and have qualifying self-employment or property income above...