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HMRC consults self-employed on tax reforms which will see a transformed tax system by 2020
The transformed tax system of 2020 has four foundations.
From April 2018, businesses, including everyone who is self-employed and those letting out property, will update HMRC at least quarterly where it is their main source of income.
Digital record keeping providing regular quarterly updates to HMRC will become a central feature of Making Tax Digital. Underlying tax rules will be simplified and free software and advice will be provided to small firms. HMRC is now consulting on how this digital tax system will work, and one particular consultation is aimed at the self-employed and landlords.
HMRC is also proposing that unincorporated businesses will be exempt from the obligation to keep digital records and report regularly to HMRC if their annual turnover is less than £10,000.
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