Making Tax Digital (MTD) is a key part of the government’s plans to make it easier for individuals and businesses to get their tax right and keep on top of their affairs.
They have now confirmed that all self-employed businesses and landlords who have an annual business or property income above £10,000 will need to follow the rules for MTD for Income Tax from their next accounting period starting on or after 6 April 2023. This will mean the quarterly reporting of profits and accurate software will be essential to cope with this.
If you are not VAT registered this will be your first contact with this scheme. It may seem a long way away but planning will be key to making this as easy as possible for you.
We will be discussing this with you over the next 12 months to discuss your options and how we can help you but if you want to get ready now and embrace Digital accounting get in touch now.
Content kindly supplied by Maynard Johns Chartered Accountants