It was announced last week that due to the pandemic the Government have decided to postpone, yet again, the start date for Making Tax Digital for Income Tax Self Assessment. The commencement date will now be April 2024 giving everyone enough time to prepare for the change.
The introduction of MTD was first announced in 2015 by the then Chancellor George Osborne, with a clear outline of a phased implementation across the varying sectors of business and individuals. Due to many factors, the most recent being the COVID Pandemic, there have been several delays.
The next phase will affect the smaller VAT Registered Businesses, requiring them to use MTD from April 2022.
If you require more information on MTD and how this affects you and your business, there is detailed information on the government website https://www.gov.uk/government/publications/making-tax-digital/overview-of-making-tax-digital
Alternatively you can contact our team who will be more than happy to discuss your MTD needs and the software available.