MTD for Income Tax

The Government's plan to bring in 'Making Tax Digital' for Income Tax is due to commence from the 6th April 2023. MTD is being introduced to make accounting for tax easier. It will require businesses to use software for their accounts. MTD for Income Tax will affect sole traders, landlords and individuals in certain kinds of partnerships. It's worth noting that it should only affect those with a personal income of over £10,000. Although April 2023 seems to be far away, it's important to get to know what MTD means for you now and plan ahead. If you require assistance with MTD please contact us.

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