Making Tax Digital Update

Making Tax Digital Update

Jul 22, 2020 9:09:29 AM

The Treasury has today announced that with regards to Making Tax Digital (MTD), the government plans to:

make MTD for Income Tax mandatory from 6th April 2023 for businesses and landlords with turnover in excess of £10,000
ensure all businesses registered for VAT (including those below the VAT threshold) submit their VAT returns via MTD from April 2022
consult this Autumn on how MTD can be extended to include Corporation Tax

HMRC will also plan a consultation programme for its 5-10 year vision to deliver its goals for the tax administration framework.

Further details and the full written ministerial statement can be found at https://www.gov.uk/government/news/government-sets-out-draft-agenda-for-a-21st-century-tax-system?dm_i=EYP,6YQII,3KHOII,S15KH,1

HMRC's updated guide on MTD is at https://www.gov.uk/government/publications/making-tax-digital/overview-of-making-tax-digital

Making Tax Digital, Tax Services, bookkeeping

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