Making Tax Digital: A Guide to Quarterly Updates
· WOWERI
HMRC has introduced Making Tax Digital for income tax. This quarterly update direction provides information on submitting income details using Making Tax Digital-compatible software.
Introduction to Making Tax Digital
Making Tax Digital is an initiative by HMRC to modernize the tax system in the UK. This update allows taxpayers to submit their income information electronically using compatible software.
Quarterly Update
The quarterly update direction provides information on submitting income details. This update is necessary for taxpayers to provide timely information about their income and for HMRC to process this information in a timely manner.
Making Tax Digital-compatible Software
To submit income information, taxpayers must use software that is compatible with Making Tax Digital. This software must be able to process and submit income information in the required format.
What to do next
Source: gov.uk