Tax Return to Become Digital from 2023
Posted on in Business News , Cycles News , Political News
HRMC has announced that from April 2023, tax returns will be made digital.
This means that all retailers, who have a taxable turnover of £10,000 or more per year from their business or income from property will be required to submit their tax returns digitally. Retailers will submit their income tax self-assessments via the Making Tax Digital portal in the same way that VAT is submitted.
To sign up you'll need your:
- business name
- email address
- National Insurance number
- accounting period
- accounting type such as cash or standard accounting
You'll also need the Government Gateway user ID and password you use when you file your Self Assessment return. If you do not have a user ID, you can create one when you sign up.
For more help on how to submit your tax returns digitally you can register for the next live webinar about Making Tax Digital for Income Tax.
Businesses can sign up for Making Tax Digital for Income tax here.