Xeinadin Head of Tax Adam Owen has been asked by The Independent to share his expert opinion on what the upcoming making tax digital (MTD) changes mean for freelancers and landlords.
In an article titled ‘HMRC’s new rules are stressing freelancers out – here’s what you need to know if you’re self-employed’, explains that if you have a qualifying income of more than £50,000 from “self-employment, an unincorporated business or being a landlord”, you’ll need to submit records of your income and expenses to HMRC quarterly.
You’ll still have to send in a final declaration on the usual 31 January deadline on top of this, too. So that’s a lot more time spent trying to remember your Government Gateway number. And, Adam adds, you’ll also have to “use suitable software from an accounting and records keeping perspective”.
Read the full opinion piece here.
