If so, the next phases of Making Tax Digital (MTD) may apply to you.
Created 6/7/22
You may have read that Making Tax Digital, HMRC’s programme to digitalise tax, is
being gradually rolled out over a number of years.
Up until now, going digital for tax purposes has only applied to businesses above the VAT threshold (from April 2019) and then all VAT registered businesses (from April 2022).
The next phase, MTD for Income Tax Self Assessment (ITSA) requires other individuals to move to digital tax:
From April 2024 this will apply to individuals if your total gross income from self-employment and property exceeds £10,000 in a tax year.
This article was written by Culverhouse & Co Ltd. It is for general information and does not represent financial advice.
You can find out more about Making Tax Digital on the gov.uk website.