Accountants in Croydon

 HMRC's making tax digital' (MTD) strategy aims to transform the UK into one of the most technologically advanced tax administrations in the world. Businesses and landlords will be required to keep digital records and provide quarterly digital updates to HMRC, according to the proposals. To make this a reality, various other simplifications and initiatives are being implemented, including the possibility of certain landlords shifting to cash basis accounting. Following a consultation, HMRC announced that the cash basis will be extended to unincorporated property businesses with a maximum rental income of £150,000 per property business. Background HMRC issued six consultation documents in August 2016. Each document concentrated on a different aspect of the MTD strategy. One of the documents was titled 'Simplified cash basis for landlords .' The document outlined proposals for extending cash basis accounting to unincorporated property businesses. Comments on the proposals...