Making Tax Digital (sub heading 1)

Making Tax Digital (MTD) is a key part of the government’s plans to revolutionise how you keep your accounting records and submit these to HMRC.

Those businesses who are VAT registered will already be familiar with MTD and how VAT records have to now be submitted through approved software at your own expense.

The biggest change is yet to come – from April 2024 those self employed businesses and landlords with annual business income or rent over £10,000 (turnover not profit) will be required to keep records digitally in approved software and submit financial data to HMRC on a quarterly basis.

With a proposed roll out of 2026, there is also MTD looming for Corporation Tax, this will mean the core aspects of business taxation will be covered, but strict reporting requirements on to all business, both large and small.