MTD has had several revisions throughout the years, the most recent of which occurred this year. Businesses of all types, including those not registered for VAT, must follow MTD rules. These regulations went into effect in April of this year, and your company should already be in compliance with them.
It is imperative that you take urgent action if you haven’t already registered for MTD. Get in touch with our team as soon as you can to avoid HMRC penalties that will be incurred as of 1st November 2022. You can read more about the MTD November deadline here.
New changes and what this will mean for you
Beginning in April 2024, self-employed individuals, and landlords with an annual income of more than £10,000 will be required to file MTD self-assessments.
Making Tax Digital (MTD) is a new process of reporting rental income and self-assessments. Instead of submitting a paper self-assessment tax return each year, you’ll need to use compliant software.
You must also submit this quarterly to verify your income and spending. An end of period statement (EOPS) with a final declaration is due at year’s end.
Get in touch with us
We understand this may seem a little complicated, but with the help of our team, you can figure out what steps to do now to be ready for the new changes. Get in touch with us soon at enquiries@aitaccountants.co.uk
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