Making Tax Digital (MTD) for Income Tax is the biggest tax personal tax shake-up in a generation.
For those using an ad hoc solution of paper-based notes or spreadsheets for accounting, this is sure to come as quite a shock.
And millions of individuals across the UK are likely to fall within the scope of MTD for Income Tax.
But there’s no need to panic.
Our free e-book, A guide to Making Tax Digital for Income Tax, provides everything you need to know, and reveals how to adapt your business so it will thrive following the introduction of MTD for Income Tax.
It covers the following:
- Does MTD for Income Tax apply to you? We explain and offer support so you can start following its rules
- Find out what MTD for Income Tax requires and how your tax accounting might change
- What you need to do to sign up, and if the pilot scheme is right for you
- Master what’s required for your quarterly updates, end of period statements and final declaration
- See a two-year timeline with key dates of when you must provide vital information to HMRC
- Discover when and how you’ll need to pay your tax following MTD for Income Tax’s introduction
- Find out if spreadsheets can be used for MTD for Income Tax accounting.
MTD for Income Tax is due to start in April 2024 (following a one-year delay). That might sound like some time away. But it’ll be here much sooner than you think. If you’re not ready, you could face penalties from HMRC.
By using our guide, you can start your preparations today. You’ll see where the areas to make changes are in your business and its processes, and learn what you should do to be ready.
Your business will thank you for it. Making Tax Digital really does make business admin much simpler. So why not embrace it sooner rather than later?
Editor’s note: MTD for Income Tax has been postponed until April 2024. This article (first published in August 2021) has been updated to reflect that.
A guide to Making Tax Digital for Income Tax
Need help to get your business ready for Making Tax Digital? Download this free guide to learn about MTD for Income Tax and get prepared now for changes that start from April 2023.
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