Landlords are being asked for their opinion on the Government’s new digital tax plans.
The HMRC has launched a simplified four question consultation asking landlords what they think about proposals for digital record keeping and quarterly tax reporting.
Landlords are being asked whether plans to introduce a cash basis for those with simple tax affairs would be helpful. This would work on a cash in, cash out basis and would require something more like a cash flow statement than full accounts.
The HMRC claims this would be cheaper and less time consuming for landlords.
Landlords are now being asked to use the HMRC’s Dialogue tool to respond to the consultation, with registration taking just two minutes.
The full consultation document ‘Simplified Cash Basis for Unincorporated Property Businesses’ can be viewed by clicking here.
The Dialogue-led consultation began today, Wednesday, September 28th and closes on Friday, October 7th. For help using the site click here.
The Government wants to have a fully digital tax service by 2020 and this is latest in a series of consultations into the plans.