Making Tax Digital for Income Tax
Currently going through legislation, Making Tax Digital (MTD) for Income Tax will bring big changes to the Self Assessment Tax return. It proposes that the Self Assessment tax return will be replaced by 5 new reporting obligations.
There will be quarterly updates and a year end final declaration. This measure is due to start for accounting periods starting on or after 6 April 2023. It will apply to self employed businesses and landlords with business turnover above £10,000.
Contact us to discuss these changes, to ensure a smooth change over when the time comes to be fully digitised.