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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