[Part II Digital Reporting and Record-Keeping]
Taxes Management Act 1970 (1970 c 9) | Legislation

[Part II Digital Reporting and Record-Keeping]

[Interpretation

6

In this Part of this Schedule “businessâ€â€”

(a)     in relation to a person to whom this Schedule applies (see paragraphs 1 and 2), means the activity by virtue of which this Schedule applies to the person (and if more than one, means each of them), and

(b)     in relation to a partnership to which this Schedule applies (see paragraphs 3 and 4), means any activity of the partnership.

Periodic updates

7

(1)     The Commissioners may by regulations require a person or partnership to whom this Schedule applies to provide to HMRC, by electronic communications, specified information about the business of the person or partnership.

(2)     The information which may be specified includes any information (“financial informationâ€) relevant to calculating profits, losses or income of the business, including information about receipts and expenses.

(3)     The regulations may require information to be provided at or for specified intervals, times or periods.

(4)     The regulations may not require financial information about the business to be provided more often than once every 3 months.

End of period statement

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(1)     The Commissioners may by regulations require a person to

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