Businesses left to pick up the tab for Employment Rights Bill
6 November 2024
Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) will now come into effect in April 2026 for businesses, self-employed individuals, and landlords with gross business and/or property income over £50,000.
This will be followed in April 2027 for those with similar incomes over £30,000. The question is, how soon should your business start using cloud-based compatible software before that deadline?
The answer – the sooner the better.
Beyond compliance, the benefits of MTD cloud accounting software include:
MTD-compliant cloud accounting software will generate the summary updates, which must be sent to HMRC every quarter via your HMRC digital account under Making Tax Digital.
You will be able to see how much tax you owe based on the information you have provided, so you can be better prepared for future tax bills.
Being prepared for MTD and having the correct software in place and ready to use will ensure a smooth transition to the new system, but, as you can see, the benefits go far beyond compliance.
6 November 2024
6 November 2024
6 November 2024
6 November 2024
6 November 2024
6 November 2024
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Have a question? Contact us and a member of our team will get back to you.