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The most fundamental change to the administration of the tax system for at least 20 years.
Making Tax Digital (MTD) is the most fundamental change to the administration of the tax system for at least 20 years, however self-employed individuals and landlords will have more time to prepare for Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA).
Since April 2022, all VAT registered businesses should now be submitting their VAT returns via approved cloud software under MTD.
The mandatory use of software is now being phased in from April 2026, rather than April 2024.
From April 2026, self-employed individuals and landlords with an income of more than £50,000 will be required to keep digital records and provide quarterly updates on their income and expenditure to HMRC through MTD-compatible software.
Those with an income of between £30,000 and £50,000 will need to do this from April 2027.
More information is available at https://www.gov.uk/government/news/government-announces-phased-mandation-of-making-tax-digital-for-itsa
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07 Oct 2024
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