All VAT-registered businesses must now comply with MTD for VAT from April 2022 and could face penalties if they do not follow the requirements of this tax recording and reporting scheme.
From April 2024, landlords and Self-employed businesses with annual business or property income above £10,000 will need to follow the rules for MTD for Income Tax, which will also require them to complete quarterly reports using compliant software.
This will be followed in April 2025 with a requirement for general partnerships to follow the same rules, followed by new rules for MTD for Corporation Tax that are expected to come into force in 2026.
To find out more about the road ahead for Making Tax Digital, please check out the roadmap below:
If you want to learn more about the various stages of MTD you can also download our helpful guide:
We have been assisting a wide range of businesses with their preparations for MTD and can help you find the right systems and solutions to ensure compliance, while also giving you access to the latest insights and information about your business.
With the potential for penalties for non-compliance, it is important that you act quickly if you aren’t currently following the requirements of MTD.