Keeping business records digitally and submitting under Making Tax Digital (MTD) rules using MTD compliant software has been in place for VAT since April 2019.
The timescale for submitting self-assessment details using MTD compliant software and keeping all records digitally, has now been announced.
Under Making Tax Digital for Income Tax, updates need to be sent to HMRC using MTD compliant software each quarter.
It will affect all sole traders and landlords with total gross income above £10,000 per annum.
There is a voluntary trial taking place now, but you will be required to file under these new rules by 6th April 2023.
We will be holding seminars and webinars on this subject, providing all the information required and giving an opportunity to ask questions on how this will affect you, nearer to the launch of this new legislation.
If you don’t already keep your records digitally, please speak to us about setting this up in advance, to ensure you are ready for this. Call us on 0113 2864486 so we can help.
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