Making Tax Digital (MTD) for Income Tax
The Government, in recognition of the challenges currently facing many UK businesses due to the pandemic will introduce Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) a year later than planned - from April 2024.
MTD for Income Tax will now be mandated for businesses and landlords with a business income of over £10,000 per annum from April 2024.
What this means?
Businesses within the scope for MTD (Income over £10k) will need to keep digital records and use software to update HMRC quarterly, through MTD software. However, this does not change when tax payers need to pay their tax. Manual and paper-based processes will be eliminated and replaced by modern, digital tax administration.
Get ahead of the game
At Mothern Accountants, we are helping our clients adopt 'MTD ready' processes by automating record keeping and account preparation. Apart from being ready to accommodate the upcoming MTD changes, the transformation is delivering many benefits to our clients including marked efficiency gains and real time Management Information for business decisions.
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