Under Making Tax Digital (MTD) for Income Tax, you must keep digital records of expenses that are incurred wholly and exclusively for your business. This can include office costs, business travel, professional fees, insurance, advertising, software, equipment and other day-to-day business expenses.<\/p>\n\n\n\n
Not every payment needs to be recorded as a business expense. Personal spending should be kept separate, and where an expense is used for both business and personal purposes, only the allowable business portion should be included in your records.<\/p>\n\n\n\n
Keeping the right expenses in your digital records helps you calculate your taxable profit accurately and ensures your quarterly MTD updates are based on correct information.<\/p>\n\n\n\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
Under Making Tax Digital (MTD) for Income Tax, you must keep digital records of expenses that are incurred wholly and exclusively for your business. This can include office costs, business travel, professional fees, insurance, advertising, software, equipment and other day-to-day business expenses. Not every payment needs to be recorded as a business expense. Personal spending…
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