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MTD for Income Tax Delay

Making Tax Digital for Income Tax delayed until April 2024

Making Tax Digital (MTD) for VAT was first introduced back in April 2019 and resulted in many businesses having to keep digital records and using accounting software to complete their VAT returns.

Currently most VAT registered businesses with turnover exceeding £85,000 are complying with the MTD legislation and this is due to be extended to all other VAT registered businesses from April 2022.

MTD for Income Tax was expected to be introduced from April 2023, however the Government announced yesterday that this has now been delayed 12 months until April 2024 for self employed businesses and landlords, with a further 12 month delay for partnerships until April 2025.  MTD for Income Tax will apply to businesses with annual income above £10,000.

MTD for Income Tax is similar to MTD for VAT in that businesses will need to keep digital records and use accounting software to send information to HMRC on a quarterly basis, the main difference being that MTD for Income Tax will be sending details of income and expenditure each quarter, not just submitting VAT return figures which is the case in MTD for VAT.

This recent delay is a very welcome announcement for businesses to give them more time to prepare for the latest instalment of MTD.  We will be contacting all of our affected clients in due course, well in advance of any introduction to MTD in order to discuss their options with regards to record keeping to comply with MTD.

If you have any queries in the meantime please contact Ricky Taylor on 01228 530913 or Simon Kirkbride on 01768 864466.

<Oct 2021>
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Oct 21

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