AAziz & Co.
Software notice - made further to regulation 3
Functional compatible software must comply with the following condition: once a digital record has been entered into a software program that forms part of the functional compatible software, any transfer, recapture, or modification of that digital record within the functional compatible software must happen digitally and not manually.
Update notice – made further to regulation 8
The update information that must be provided in a quarterly update is dependent on the relevant person’s business or businesses.
Businesses with trade profits (income chargeable under Part 2 of the Income Tax (Trading and Other Income) Act 2005 (ITTOIA))
A relevant person with trading income must provide the following update information in each quarterly update:
- quarterly period start date
- quarterly period end date
- totals of the amounts falling within the categories of transactions set out in the following table:
| Transactions that lead to business income | Transactions that lead to business expenses |
|---|---|
| Turnover | Cost of goods bought for resale or goods used |
| Other business income | Construction industry – payments to subcontractors |
| Wages, salaries, and other staff costs | |
| Car, van, and travel expenses | |
| Rent, rates, power, and insurance costs | |
| Repairs and maintenance of property and equipment | |
| Phone, fax, stationery, and other office costs | |
| Advertising and business entertainment costs | |
| Interest on bank and other loans | |
| Bank, credit card and other financial charges | |
| Irrecoverable debts written off | |
| Accountancy, legal and other professional fees | |
| Depreciation and loss or profit on sale of assets | |
| Other business expenses |
