UK: Making Tax Digital (MTD) for Income Tax Extended by another year
HMRC has announced today that Making Tax Digital (MTD) for Income Tax Self-Assessment has been pushed back by a further 12 months. HMRC has made this decision in response to the challenges faced by many UK businesses as a result from the pandemic.
The quarterly digital reporting for landlords and the self-employed was initially due to start in 2023, however this will now be introduced a year later, in the tax year beginning in April 2024.
General Partnerships will not be required to join MTD for Income Tax Self-Assessment until the tax year beginning in April 2025.