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With Making Tax Digital (MTD), HMRC is rolling out the biggest change to the tax system in a generation. The scheme aims to make the UK’s tax system fully digital over the next few years. It means individuals and businesses will need to use MTD-compatible software to keep digital records and submit returns.
In April 2022 MTD became mandatory for all VAT registered businesses. The next phase, Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA), is now on the horizon and will affect all self-employed people and landlords earning over £30,000 a year.
Making Tax Digital for the self-employed and landlords.
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Making Tax Digital for VAT Registered Businesses.
All VAT registered businesses, regardless of turnover, must sign up to MTD for VAT and follow the rules for submitting returns.
Find out more
Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) comes into effect. Sole traders and landlords with a total annual income above £50,000 need to use MTD for ITSA compatible software to keep digital records and file returns.
Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) comes into effect. Sole traders and landlords with a total annual income above £30,000 need to use MTD for ITSA compatible software to keep digital records and file returns.
Dates for these have not been announced.
If you want to learn more about Making Tax Digital and prepare for the next stage, please get in touch
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Contact BPC Partners to see how we can help you.