I am an arable farmer, so my costs and sales follow an annual rather than a quarterly cycle. Looking to the future, with the prospective MTD income tax being quarterly, my profits or losses will be all over the place unless the quarterly figures are balanced with quarterly valuations.
Will MTD require quarterly valuations? Or will I face wildly oscillating tax demands and refunds? Or is there some other solution?
MTD for Income Tax is still in very early stages at the moment, so unfortunately the details of this are quite vague at the moment.
QuickFile does intend on supporting MTD to the fullest extent possible, so we’ll certainly update the forums with any details as and when they’re confirmed by HMRC.
In the mean we do have a Periodic Update report that is designed to simulate the quarterly reporting proposed under the MTD Income Tax scheme.
There’s more information on this here: MTD Periodic Update Report