The UK tax authority’s new digital tax return regime will mainly target business customers in the construction and real estate sectors during its first rollout this year, according to official figures released Wednesday.
The Making Tax Digital Regime will cover an initial 251,000 businesses in the construction sector and 125,000 businesses and landlords in real estate, based on 2023-24 tax return data collated by His Majesty’s Revenue and Customs.
The two sectors account for 43% of the 864,000 income tax self-assessment business customers with qualifying income above this year’s first threshold of £50,000 ($67,000); businesses above that threshold will fall ...
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