Next year sees the rollout of the extension to Making Tax Digital for self-employed people, which means accountants need to start preparing their clients, explains Lee Murphy, managing director at The Accountancy Partnership The Making Tax Digital (MTD) pilot scheme was launched for self-employed people in March 2018, with plans to roll it out further.…
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The Society of Trust Practitioners (STEP) has claimed that HMRC’s proposals to reform accounting basis periods will push all small businesses and landlords into the Making Tax Digital (MTD) income tax reporting scheme on 6 April 2023.
Making Tax Digital (MTD) is being introduced to allow the UK tax system to be as efficient, effective, and as easy to follow as possible. Businesses with a VAT turnover above the £85,000 threshold are already required to keep a digital record and submit their VAT returns using MTD compatible software. For businesses below this threshold,…
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Making Tax Digital (MTD) has been with us for VAT purposes for over a year and a half and is due to be extended to income tax self-assessment from April 2023. But until very recently, it wasn’t clear when, or even if, corporation tax would be brought within the MTD fold. That all changed with…
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