Written Question·Treasury·UIN 55278
Small Businesses: Taxation
Tabled: 30 May 2025
Answered: 9 June 2025
Question
Claire Hanna
Social Democratic & Labour Party — Belfast South and Mid Down
To ask the Chancellor of the Exchequer, what assessment HMRC has made of the potential impact of quarterly reporting on smaller businesses.
Answer
James MurrayQuarterly updates required under Making Tax Digital (MTD) for Income Tax are not the same as full tax returns. They are simple summaries of income and expenses. Software will automatically draw data from a taxpayer’s digital records so where these records...
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