The government is extending the requirement to operate Making Tax Digital (MTD) to the 4.2m taxpayers with business and/or property income over £10,000, including landlords, sole traders and partnerships, for their Income Tax obligations.
These changes will apply to businesses, self-employed individuals and landlords who are chargeable to Income Tax.
Here at Fisher & Co. we have already dealt with the introduction of MTD for VAT for many clients and are able to assist in the transition from your old records keeping to that required under the new legislation
Businesses, self-employed people and landlords will be required:
- to operate MTD from 6 April 2024 in relation to their trading and property income chargeable to Income Tax and Class 4 NICs if their gross income from these income sources for a tax year exceeds £10,000
- to keep their records digitally (for ITSA purposes only),provide digital quarterly updates and provide their ITSA return information to HMRC through MTD compatible software