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Empower your business with our accountancy services and professional advice, trusted since 1876.
Empower your business with our accountancy services and professional advice, trusted since 1876.
MTD started in April 2019 for VAT purposes when businesses with a turnover above the VAT threshold were required to keep their records digitally and provide their VAT return information to HMRC using MTD compatible software. Since April 2022, MTD has been extended to all VAT registered businesses with turnover below the VAT threshold of £85,000.
Making Tax Digital For Income Tax Self-Assessment will apply from April 2024 to sole traders and landlords with a total business or property income above £10,000 per year.
Under MTD for ITSA, sole traders and landlords will need to keep and maintain records in a digital format and use MTD compatible software to manage, track and send updates to HMRC.
You will need to submit quarterly summary updates of your business income and expenditure to HMRC.
An End Of Period Statement will need to be made after each fourth quarter to finalise each business income source.
You will also be required to submit a final declaration to include other sources of taxable income, including savings and investment income.
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