Technical Officer, LITRG
Sharron West provides an update on how MTD will affect small and micro businesses
Although relevant annual receipts not exceeding £1,000 may be non-taxable and the allowance may replace a deduction for actual expenses, record-keeping obligations remain.
The CIOT, LITRG and ATT have commented on the proposed Making Tax Digital (MTD) for Business secondary and tertiary legislation for Income Tax
The CIOT and LITRG have commented on the draft primary legislation published on 31 January 2017.