Making Tax Digital
Making Tax Digital – the next steps
When the project was first announced, HMRC’s aspiration was for everyone to be filing quarterly figures. The detail of the project and timetable has changed so much since it was first announced. Probably that little thing called Brexit got in the way of HMRC rolling out the project.
As from 1 April 2019, most VAT registered businesses have had to file their VAT returns using digital processes and keeping records in digital format.
Now HMRC have gone back to their project and have announced that unincorporated or self-employed businesses and landlords who submit a Self Assessment Tax Return with gross annual property income above £10,000 will need to follow the rules for MTD for Income Tax from their next accounting period starting on or after 6 April 2023. Those rules are still evolving but our suggestion is to start planning early.
HMRC are consulting about NTD for corporation tax and it looks like it will be 2024 at the earliest before something occurs but that is likely to be having to submit quarterly figures and keep their records in a digital format.
We have heavily invested in the latest technology and staff training to ensure that we have the resources to embrace whatever changes Making Tax Digital brings.
Have a further look around our web site at the services we offer. We are ready to help you!