Chapter 1 - 3.3 - Making Tax Digital

Question 1

What is the aim of ‘Making Tax Digital for Businesses’?

Answer 1

It is an HMRC project to provide businesses with a modern, streamlined system to keep their tax records up to date and provide information to HMRC digitally, on a quarterly basis, using an application programming interface

Question 2

How is MTDfB being phased in right now?

Answer 2

It currently only applies to businesses for VAT purposes