Nearly a million UK self-employed people and landlords are bracing for challenging mandates to maintain digital records and submit quarterly updates to the tax authority for the first time next year.
The Making Tax Digital, or MTD, regime hasn’t been fully tested by His Majesty’s Revenue and Customs yet, and businesses may struggle with needing to use multiple software products to fit the new criteria, according to tax professionals.
A lack of public testing for year-end tax returns under MTD is “potentially slowing down some adoption in the market, especially from accounting and bookkeeper standpoint, because they want to see ...
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