Making Tax Digital with Folkes Worton
Are you compliant for April 2026?
Are you ready for making tax digital?
Or are you still thinking about what it all means?
These pages contain a guide to preparing for the new way of dealing with HMRC, helping you simplify your accounting and tax administration, allowing you to focus on what really matters to your business.
Making Tax Digital (MTD ITSA) is the Government’s initiative to implement a fully digital tax system in the UK, whereby taxpayers keep digital records and use MTD compatible software to make tax submissions electronically every quarter.
The Government has announced on 19th December 2022 that Making Tax Digital for Income Tax Self-Assessment (MTD ITSA) is being moved back from April 2024 to April 2026.
The mandating of MTD ITSA will now be phased in from April 2026, with businesses, the self-employed and landlords with income over £50,000 mandated to join first. This will be followed in April 2027 by those with income over £30,000. Smaller businesses with income under £30,000 will be reviewed at a later date. MTD for partnerships start date TBC.
Despite the delay and changes in criteria, we are still helping our clients to prepare for the new deadlines. This section of the website has a comprehensive guide for various business sectors on what MTD entails and how to get your business ready.
Making Tax Digital (MTD ITSA) is the Government’s initiative to implement a fully digital tax system in the UK, whereby taxpayers keep digital records and use MTD compatible software to make tax submissions electronically every quarter.
The Government has announced on 19th December 2022 that Making Tax Digital for Income Tax Self-Assessment (MTD ITSA) is being moved back from April 2024 to April 2026.
The mandating of MTD ITSA will now be phased in from April 2026, with businesses, the self-employed and landlords with income over £50,000 mandated to join first. This will be followed in April 2027 by those with income over £30,000. Smaller businesses with income under £30,000 will be reviewed at a later date. MTD for partnerships start date TBC.
Despite the delay and changes in criteria, we are still helping our clients to prepare for the new deadlines. This section of the website has a comprehensive guide for various business sectors on what MTD entails and how to get your business ready.
HMRC MTD Timeline
The timeline has changed a number of times since MTD was first announced. Most recently The Government announced on 19th December 2022 that Making Tax Digital for Income Tax Self-Assessment (MTD ITSA) is being moved back from April 2024 to April 2026.
Please do not hesitate to contact our Making Tax Digital Team on 01384 376 964 to find out more.
