Making Tax Digital for Income Tax: Quarterly reporting requirements
As the next stage is almost upon us, Making Tax Digital for Income Tax (MTD IT) requires some businesses and individuals to submit quarterly updates to HMRC using compliant software.
Read the article below for the key dates for implementing MTD IT as well as the deadlines for quarterly updates.
In the coming weeks, if you will be affected by this change based on your 2023/24 self-assessment tax return income, you will receive a letter from HMRC explaining MTD IT and the key changes taking place.
Even though the deadline for MTD IT seems far away, it is vital to begin preparing now to ensure a smooth transition. Let us know what assistance you would like by completing the short survey below.