Making Tax Digital (MTD) for income tax self-assessment will be on us very shortly. The official start date is 6 April 2024 - approximately 16 months away - but a lot of key decisions need to be made well before that date. Ideally landlords should accept the discipline of quarterly reporting in the year commencing 6 April 2023 so as to be quite ready for the real thing a year on.

The TRS machine has been rumbling along for some years now. It was introduced to counter concerns that money and other assets can be hidden inside legal vehicles such as trusts and companies. The scope of TRS has been broadened during its journey and it is now a formidable system, underpinned by significant penalties for non-compliance. Trustees who choose to ignore the requirements do so at their own peril.

Most of us would remember entrepreneurs’ relief (ER) and the challenges presented in getting the spelling correct and the apostrophe in the right place! In March 2020 HMRC moved in and rebranded the relief, just to keep us on our toes. It is now known as “business asset disposal relief” or by its acronym “BADR”. There was no alteration to the underlying mechanism of the relief but there was one very important change introduced in the announcement…