Making Tax Digital Delayed for Income Tax
Posted on 8th November 2021 at 11:30
You’ve probably already heard about Making Tax Digital (MTD), which is a government initiative to transform the tax system. HMRC says that the main aim of MTD is to make tax administration easier, simpler and more effective for all kinds of taxpayers.
The income tax self-assessment process is included in Making Tax Digital. However, this is now being postponed until April 2024, which is a year later than initially planned. This means that businesses and landlords with an income of £10,000 per annum or higher have a longer period to prepare for the digitalisation of their income tax.
The COVID-19 pandemic is the reason for the delay, as HMRC recognises that business owners have a lot on their plate at the moment as we emerge from the situation. If you’d like any help in preparing for the roll-out of Making Tax Digital, simply get in touch and we’ll guide you through it.
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