Making Tax Digital EXPLAINED - Self Employment is CHANGING!

The biggest change to the way self-employed people in the UK have to keep their records and report their taxes to HM Revenue & Customs is coming.

This is the Making Tax Digital for Income Tax (MTD IT) programme.

Letters are already being sent out; it's time to get ready.

In this video Dan runs through it all.

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Watch on! Topics include:

00:00 Introduction
00:31 How will Making Tax Digital work?
00:50 How quarterly reporting will work under Making Tax Digital
01:27 What data you will be sending to HMRC under Making Tax Digital
01:42 Using calendar month dates under Making Tax Digital
01:57 Deadlines and submitting returns under Making Tax Digital
02:26 Landlords under Making Tax Digital
02:49 Making Tax Digital penalties
03:18 When will you have to start reporting under Making Tax Digital
05:16 Why are HMRC doing Making Tax Digital for Income Tax
06:35 There are still questions on the process
07:11 Will accountants be able to help | Will I need an accountant
07:36 Preparing for Making Tax Digital | What to do now
07:58 What software to use for Making Tax Digital for Income Tax
09:23 Getting on the Making Tax Digital for Income Tax Pilot
09:36 Can you avoid Making Tax Digital for Income Tax
10:13 Making Tax Digital for Income Tax Exemptions
10:25 Next helpful video

HMRC Tool: https://www.gov.uk/guidance/check-if-...

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