Making Tax Digital (MTD) is happening

The latest update on making tax digital means that records have to be kept digitally from these dates if your turnover is over £10,000 , its  a huge change and needs to be planned well in advance

  • From April 2024: self-employed businesses and landlords with business turnover above £10,000 report under MTD for ITSA.
  • From April 2025: general partnerships join.

To use Making Tax Digital for Income Tax, you’ll need to:

  • get software that is compatible with Making Tax Digital for Income Tax
  • use software to keep digital records
  • send quarterly updates for business income and expenses
  • submit your end of period statement
  • submit a final declaration

more information is available here at HMRC

 

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