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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.

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Just a reminder that any 2021/22 self assessment tax liabilities that are still outstanding should be paid to HMRC by this Thursday, 2 March to avoid late payment penalties equal to 5% of the outstand

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