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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...
What Records Do You Need to Keep for Making Tax Digital?

What Records Do You Need to Keep for Making Tax Digital?

If you are asking what records you need to keep for Making Tax Digital, the short answer is this: if Making Tax Digital for Income Tax applies to you, you must keep digital records of your self-employment and or property income and expenses using software that is...
How to Choose Making Tax Digital Software for Your Business

How to Choose Making Tax Digital Software for Your Business

Choosing making tax digital software comes down to one practical question: will it do the jobs HMRC requires without making your bookkeeping harder than it needs to be?For many sole traders and landlords, that means looking for software that can keep digital records,...