Digital Record-Keeping for Making Tax Digital for Income Tax
· WOWERI
A new digital approach to record-keeping for Making Tax Digital for Income Tax. Learn how to keep digital records and what they must include.
Introduction to Digital Record-Keeping
Digital record-keeping is a crucial aspect of Making Tax Digital for Income Tax. This direction sets out how a relevant person should keep their digital records and what a digital record must include.
What are Digital Records?
Digital records are electronic records that contain information about a person's income and expenses. These records must be accurate, complete, and meet the requirements of Making Tax Digital for Income Tax.
How to Keep Digital Records?
Relevant persons must keep digital records using software or an app that meets the requirements of Making Tax Digital for Income Tax. These records must be updated regularly and must include information about all income and expenses.
What to do next
Source: gov.uk