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Making Tax Digital

MTD Timeline

Below is a timeline for the upcoming MTD changes due to take place.

(https://www.taxcalc.com/mtdTimeline)

From 1 April 2022, almost all VAT-registered businesses will have to comply, regardless of their turnover.

What does this mean?
It means that HMRC won’t accept manual entries on VAT returns any more. All info will have to be submitted using digital links.

2024

MTD for Income Tax Self-Assessment (ITSA)

Originally due to take effect in 2023, MTD for ITSA will now launch in 2024. From that date, self-assessment taxpayers will have to make quarterly submissions to HMRC. They can alter these submissions up to the time that the final figures are due.
The idea is to make tax returns more accurate. It should also make them more manageable for you and your clients by avoiding that mad rush in the run-up to 31 January. Another upside is that MTD for ITSA will help business owners predict how much tax they’ll have to pay – and plan accordingly.