How tax returns are prepared and submitted is changing, paper returns will disappear and updates will have to be filed quarterly.
These updates include total income and expenses arising every three months.
An annual end-of-period statement (EPOS) and a final deduction will also need to be filed on or before 31 January, following the end of the relevant tax year.
The date of change is approaching, and action needs to be taken now to ensure you are prepared.
The change will come into effect from 6 April 2024 for self-employed individuals and landlords with total business and/or property income above £10,000 per annum. General partnerships will need to meet the MTD for Income Tax requirements by 6 April 2025.
For many it will be a big change moving from manual record keeping to digital records, also having to keep business and personal records separately.
Don’t worry, as much of the record keeping can be done using your laptop, tablet or even mobile phone.
Change is always daunting but we’re here to help you and to take away any concerns.
- We’ll ensure you and your business are MTD prepared and fully compliant.
- We’ll discuss with you the various options available in relation to the most cost effective MTD compatible software to suit your needs.
- We’ll also suggest Apps that can streamline many processes.
- Along with our chosen software providers, we’ll provide guidance and training as necessary.
- We’ll be your trusted adviser, guiding you on how to get the maximum return on your investment in MTD software to help your business flourish.
Contact us to find out more. We’ll make sure the change to MTD for ITSA is as simple as possible for you.