Starting on 6 April 2026 self-employed earners will become liable for Making Tax Digital (MTD) for the first time. HMRC is implementing Making Tax Digital to overhaul the self-assessment tax reporting system. Phase 1 begins at the start of the next tax year on 6 April 2026. Are You Ready for the Rollout of Making Tax Digital in April 2026? The scheme requires tax to...
The Government has announced that Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) will now be mandated to start from April 2026, instead of April 2024. The government recognises that businesses and self-employed individuals alike are facing a challenging economic environment, and that the forthcoming transition to MTD for ITSA for the self-employed and small landlords represents a significant change for taxpayers,...
The government has recently confirmed that Making Tax Digital (MTD) will apply to income tax self assessment (ITSA) from 6th April 2024. This includes all unincorporated businesses. This applies to sole traders, partnerships and landlords, who file their taxes via self assessment, and are earning over £10,000. MTD for ITSA Start Date Confirmed On 23 September parliament legislated this new start date for MTD for...
The government confirmed in November 2020 that Making Tax Digital (MTD) will be extended to apply to corporation tax. It was announced that MTD for corporation tax will come into practice in 2024 and will be enforceable from 2026. Making Tax Digital (MTD) makes it mandatory for businesses to keep digital accounting records and complete their VAT submissions to HMRC via an Application Programme Interface...
Expect the need to do more towards MTD despite postponement.
In the wake of the Covid-19 global pandemic follows a financial crisis in the making and a huge question is how will the government manage the £300bn deficit? Covid-19 has caused a seismic economic shock and the aggregation of a staggering national debt with the bill rising by £20bn in a fortnight as tax revenue dwindles and state spending soars to head off economic meltdown....
HM Revenue & Custom have quietly slipped out new guidance shortly before the next major deadline in the timeline in the Making Tax Digital (MTD) rollout. For the uninitiated, MTD is a UK Government scheme that has a “vision” in which the tax administration system for UK taxpayers and businesses alike is more efficient and even simpler for taxpayers to navigate. The new guidance surrounds...
HMRC’s Making Tax Digital changes are coming and businesses are unprepared for these new changes. According to Accountancy Age, a third of VAT-registered businesses are not even ready for the Making Tax Digital start date. Furthermore, senior sector bodies like the ATT, ICAEW and CIOT have all voiced their concerns regarding the MTD deadline – even going so far as to suggest a possible delay?...
MTD or Making Tax Digital is a scheme by HMRC to transform their current tax system to make it much easier for businesses and individuals to deal with their tax and VAT obligations. Though there have been some hold-ups since the idea was announced, HMRC is now beginning to roll the scheme out to businesses and in April 2019, businesses will be mandated to use...
Your digital tax journey shouldn’t necessarily be linked to the Government’s Making Tax Digital (MTD) initiative. You should embrace the digital future and use the disruptive power of digital to help make your digital journey more intuitive and less legislative. For those unaware, MTD was removed from the Finance Bill just before the last General Election and uncertainty due to the current minority Government means...
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