Making Tax Digital
Making Tax Digital:
If you are self-employed or a landlord with taxable turnover above £10,000 per annum, Making Tax Digital for income tax will be mandatory for your first accounting period starting on or after 6th April 2023. You will require software to keep accounting records digitally, and file the quarterly updates required by HMRC. At the end of the year, you must make any necessary accounting adjustments and finalise your tax position. This process will replace the self-assessment tax return.
If you require any advice with regards to Making Tax Digital, contact us and we will ensure you are fully up to speed with the procedures.