One of the biggest misconceptions about Making Tax Digital is that quarterly updates mean you\u2019ll have to pay Income Tax every three months. In fact, quarterly submissions are for reporting your income and expenses to HMRC \u2013 they are not tax payments.<\/p>\n\n\n\n
The purpose of these updates is to give HMRC a clearer picture of your income throughout the tax year and help taxpayers keep their records up to date. At the end of the tax year, you\u2019ll still need to complete the final declaration, after which your tax liability will be calculated.<\/p>\n\n\n\n
Although you may choose to set money aside regularly or make voluntary payments during the year, MTD itself does not automatically require quarterly Income Tax payments.<\/p>\n\n\n\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
One of the biggest misconceptions about Making Tax Digital is that quarterly updates mean you\u2019ll have to pay Income Tax every three months. In fact, quarterly submissions are for reporting your income and expenses to HMRC \u2013 they are not tax payments. The purpose of these updates is to give HMRC a clearer picture of…
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