Making Tax Digital
Making Tax Digital is a big change in the accounting industry. It’s already in place for VAT, but from April 2024, MTD for income tax is being introduced, and all self employed businesses and landlords, with a turnover in excess of £10,000 pa must follow MTD rules.
This means they are required to keep their business records digitally and make quarterly digital submissions to HMRC, through MTD compatible accounts software.
We are already helping many of our clients to prepare for MTD and implement software which will enable them to comply with the new requirements.
If you need any help or advice with MTD, please don’t hesitate to contact us.