Making Tax Digital (MTD) is the first phase of the move towards modernising the digital tax service for the 21st century. It is a crucial building block in the governments 10-year strategy, ‘Building a trusted, modern tax administration system’.
The new system will be introduced in April 2024, it was originally April 2023, but they have postponed it for one year.
From April 2024 all landlords and self-employed people with earning above £10,000 will need to use MTD-compatible software to keep digital records and submit updates to HMRC:
- Quarterly updates, using MTD-compatible software
- One End of Period Statement, at the fourth quarter
- One final Declaration, by January 31st
Although April 2024 is some time away it shouldn’t be ignored, and plans needs to be put into place to ensure compliance.
We will be offering the service, to support those that will need to complete MTD so please don’t hesitate to contact us.