In its consultation document on quarterly reporting ‘or regular updates’ HMRC have suggested that the low income limit, under which landlords and businesses will not have to report quarterly, will be as low as £10,000. That’s turnover, not profit.

Though mostly inconvenient and time consuming, this low threshold will be more of a nuisance than anything for landlords who might receive a flat income each month with little variance and modest ad hoc expenses, but for the self-employed, the low threshold will be extremely damaging both in time and costs, as well as the added risk of fines for the thousands of small businesses and sole traders.