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Making Tax Digital for Income Tax Self Assessment

Deadline extended for MTD for Income Tax Self Assessment for businesses and landlords

In order to support businesses and landlords in the wake of the pandemic, the Government have extended the deadline for Making Tax Digital (MTD) for income tax self assessment until the 6th April 2024. The original deadline was due to come into effect from April 2023.

This will only apply to business and/or property income over £10,000, including landlords and sole traders.

MTD is the Government initiative designed to ‘make it easier for individuals and businesses to get tax right and keep on top of their affairs’ and will require individuals and businesses to keep digital records and provide digitally, quarterly updates and tax return information to HMRC via MTD compatible software.

HMRC anticipates that once businesses have started to operate within the MTD guidelines it will be easier for them to get their tax assessments right the first time.

Although the deadline has been extended, in order for businesses to familiarise themselves with MTD compatible software, you can begin using the software now.

At PW John and Co Accountants in Weston-super-Mare we are specialists in Cloud accounting software and can help with all aspects of MTD to ensure that you and your business are fully compliant. Please contact us for more information.

Here are some other resources that you may find useful;

Making Tax Digital for VAT

Self Assessment Tax

5 Reasons why you should start using MTD software now