Making Tax Digital Planning Group Questionnaire
Once MTD is introduced in 2024 all sole traders will be required to make quarterly returns of their income and expenditure, much the same as the quarterly VAT returns. They must ensure that information is digitally transmitted to the return that is filed. (This means you cannot alter anything from it’s digital inception). You must keep all relevant documents relating to your business in digital format. E.g., invoices must be scanned and stored digitally.
This is going to burden the small businessman with further compliance responsibilities and costs. We are working on providing sole trader driving instructors with help in fulfilling these responsibilities through Total Drive.
Thank you for agreeing to answer some questions about MTD in your industry.