From April 2024, sole traders and unincorporated landlords with business or property income of £10,000 or more, will be required to join Making Tax Digital (MTD).
This means that those affected must use MTD-compliant digital software (such as Xero) to submit quarterly summaries of their business\’s income and expenses. In return, these businesses will receive a tax estimate from HMRC based on the details provided each quarter.
As a result, the self-assessment tax return will become a thing of the past.
What are the exemptions, deadlines and penalties for MTD? And what can you do to prepare now?
[fusion_button link=\”https://www.brownandco.uk/articles/apu-dec-mtd-for-income-tax.pdf\” text_transform=\”\” title=\”\” target=\”_blank\” link_attributes=\”\” alignment_medium=\”\” alignment_small=\”\” alignment=\”\” modal=\”\” hide_on_mobile=\”small-visibility,medium-visibility,large-visibility\” sticky_display=\”normal,sticky\” class=\”\” id=\”\” color=\”default\” button_gradient_top_color=\”\” button_gradient_bottom_color=\”\” button_gradient_top_color_hover=\”\” button_gradient_bottom_color_hover=\”\” accent_color=\”\” accent_hover_color=\”\” type=\”\” bevel_color=\”\” border_width=\”\” border_radius=\”\” border_color=\”\” border_hover_color=\”\” size=\”\” stretch=\”default\” margin_top=\”\” margin_right=\”\” margin_bottom=\”\” margin_left=\”\” icon=\”fa-file-pdf fas\” icon_position=\”left\” icon_divider=\”no\” animation_type=\”\” animation_direction=\”left\” animation_speed=\”0.3\” animation_offset=\”\”]Download Article (PDF)[/fusion_button]