Making Tax Digital – a 2 year deferral
In December, there were some announcements from HMRC regarding their plans for Making Tax Digital.
Originally scheduled to start for Income Tax from April 2024 for sole traders and landlords, this has now been pushed back to April 2026 – the fifth time this has been deferred. The thresholds for those affected have also been raised – originally those with incomes over £10,000 p.a. were to fall into the net, now the threshold is £50,000 in 2026, and those with turnover greater than £30,000 will join in April 2027.
This deferral is due to some fundamental issues that need to be addressed and resolved.
Whilst this mandatory filing has been delayed, we still highly recommend implementing accounting systems, be it spreadsheets or accounting software, rather than manual records!
Please contact us consider the impact of these announcements in more detail.
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