Having listened to stakeholder feedback from businesses and the accounting profession, the government has announced that they will introduce Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) a year later than planned, in the tax year beginning in April 2024.
This will give the self-employed and buy to let landlords an extra year to prepare for the digitalisation of Income Tax and also allow HMRC more time for customer testing of the pilot system.
The start date for partnerships to join MTD for ITSA has been put back still further to the tax year beginning in April 2025.
There has been no change to the £10,000 per annum gross income threshold which means that most self-employed traders and buy to let landlords will be mandated to comply with MTD for income tax from April 2024.
Growing businesses often don’t have the time or resource to set up a full accounting function within the business. That’s why, at BM Connect, a Beavis Morgan group business, offers integrated, flexible and affordable outsourced bookkeeping, accounting and payroll solutions.
Our advanced tech-enabled outsourced services, giving you real-time visibility into your business and delivering value cost-effectively and efficiently.
In turn, if you have any concerns regarding your tax return or other related matters, our experts within the Beavis Morgan group are available to assist. We take the hassle of dealing with HMRC away from you, so you don’t need to deal directly with them.
Contact Mariske Byrnes at BM Connect for more information and assistance.