Making Tax Digital (MTD)

Making Tax Digital (MTD)

Making Tax Digital is coming for small businesses, landlords and the self-employed – are you prepared?

At Haines Watts we are here to help guide you through the changes.

What is Making Tax Digital?

The plan is to digitise tax records and returns for small businesses and the self-employed, while moving to a paperless system.

This idea aims to make tax procedures easier for businesses and the self-employed and get their tax right.

We will be required to use a compatible software to keep digital records and send HMRC real time updates for your income tax.

HMRC will be making changes to their existing and future online presence as MTD rolls out, and some services will no longer be available to use, as MTD develops.

Making Tax Digital deadlines

HMRC are introducing Making Tax Digital gradually. They started doing this in 2019, but for small businesses and the self-employed, the deadline was to be 6^th April 2023 but has recently been pushed back to 6^th April 2024.

We will be in touch again with updates on MTD along the way, but clearly, there is still plenty of time to get ready for 2024.

We will keep you update of all the future possible changes.

Haines Watts can advise and support you across all aspects of your tax affairs, including MTD. If you have any questions about how this change affects you, please don’t hesitate to contact us to discuss.