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answering dept short name	Treasury
date	2022-09-20
min answer › date of answer	2019-07-08
tabling member › label	Biography information for John McNally

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registered interest

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exactly:

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answering body

answering dept id

answering dept short name

answering dept sort name

hansard heading

house id

legislature


pref label

question text

tabling member constituency

tabling member printed

uin

answer

is ministerial correction

date of answer

exactly:

or between:
and

answer text

answering member constituency

answering member printed

question first answered

answering member


label

tabling member


label

1506647

registered interest

date

20/09/2022

answering body

Treasury

answering dept id

answering dept short name

Treasury

answering dept sort name

Treasury

hansard heading

Small Businesses: Taxation

house id

legislature

25259

pref label	House of Commons

question text

To ask the Chancellor of the Exchequer, if he will make an assessment of the potential impact of the Making Tax Digital reforms that require separate (a) records and (b) tax return submissions for each business on people with multiple small businesses who earn below the income tax threshold; and if he will make an assessment of the potential merits of allowing those people to (i) submit a single tax return and (ii) utilise only one paid software subscription for all of their businesses.

tabling member constituency

Falkirk

tabling member printed

John McNally

uin

51744

answer

is ministerial correction

date of answer

28/09/2022

answer text

As is currently the case for Income Tax Self Assessment, taxpayers will need to maintain separate records for each business that they operate, but under Making Tax Digital (MTD) these will need to be digital. This ensures that businesses maintain accurate records to support the updates and returns they make to HMRC. Making quarterly updates through MTD compatible software is not the same as making quarterly tax returns and no accounting or tax adjustments are needed for these updates. Taxpayers will be able to submit these updates for each business directly from their digital records through the software. HMRC expects a range of third-party software will be available to taxpayers and that many products will cater for users with multiple business income sources.

answering member constituency

North East Bedfordshire

answering member printed

Richard Fuller

question first answered

28/09/2022 08:19:43

answering member

3912

label	Biography information for Richard Fuller

tabling member

4424

label	Biography information for John McNally