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1454977
registered interest false more like this
date less than 2022-03-28more like thismore than 2022-03-28
answering body
Treasury more like this
answering dept id 14 remove filter
answering dept short name Treasury more like this
answering dept sort name Treasury more like this
hansard heading Business: Taxation more like this
house id 1 more like this
legislature
25259
pref label House of Commons more like this
question text To ask the Chancellor of the Exchequer, with reference to his objective to make tax digital for income tax self assessment, what latest estimate he has made of the numbers of UK businesses and landlords with annual business income above £100,000 who are (a) already fully converted to managing their records and payments digitally, (b) equipped to manage their records and payments digitally but not yet converted in full, and (c) not yet equipped to manage their records and payments digitally. more like this
tabling member constituency Islington South and Finsbury more like this
tabling member printed
Emily Thornberry more like this
uin 148093 more like this
answer
answer
is ministerial correction true more like this
date of answer less than 2022-04-04more like thismore than 2022-04-04
answer text <p>HMRC research shows that 97 per cent of small businesses and landlords within the scope of Making Tax Digital (MTD) have access to a compatible device on which to operate it. For MTD for Income Tax, HMRC research shows that 52 per cent of businesses in scope incorporate spreadsheets and 22 per cent incorporate software into their recordkeeping practices. In September 2021, the Government announced businesses would have an extra year to prepare for MTD for Income Tax. Free software will be available for the smallest businesses with straightforward affairs.</p><p> </p><p>Over a third of VAT registered businesses with taxable turnover below £85,000 <del class="ministerial">have</del> <ins class="ministerial">had </ins>already voluntarily chosen to join MTD for VAT, demonstrating that a modern and digital approach to managing tax can work for businesses of every size. HMRC <del class="ministerial">research</del> <ins class="ministerial">survey data from 2020 </ins>shows that around <del class="ministerial">80</del> <ins class="ministerial">61 </ins>per cent of VAT-registered businesses below the VAT threshold already employ<ins class="ministerial"> compliant software in readiness for MTD</ins> <del class="ministerial">a digital record-keeping system</del>. Online submissions for VAT returns have been mandatory for all VAT-registered businesses since 2010.</p>
answering member constituency South East Cambridgeshire more like this
answering member printed Lucy Frazer more like this
question first answered
less than 2022-04-04T15:09:26.133Zmore like thismore than 2022-04-04T15:09:26.133Z
question first ministerially corrected
less than 2022-04-22T10:55:26.653Zmore like thismore than 2022-04-22T10:55:26.653Z
answering member
4517
label Biography information for Lucy Frazer remove filter
previous answer version
62455
answering member constituency South East Cambridgeshire more like this
answering member printed Lucy Frazer more like this
answering member
4517
label Biography information for Lucy Frazer more like this
tabling member
1536
label Biography information for Emily Thornberry more like this