HMRC publishes draft notices for Making Tax Digital for Income Tax

04 July 2022

HMRC has opened a consultation inviting views on the proposed notices as they relate to Making Tax Digital (MTD) for Income Tax.

The notices are being proposed under regulations 3, 8, 12 and 16 of the Income Tax (Digital Requirements) Regulations 2021 (SI 2021 No. 1076) and specify the datasets required for reporting. Included in this data is accounting information relating to wages, salaries and other employment costs.

MTD for income tax will apply to relevant businesses from April 2024. Businesses are encouraged to prepare for the upcoming changes in advance.

This consultation asks for views on the proposed notices as they relate to:

•    the use of functional compatible software
•    the information required when submitting a quarterly update and end of period statements
•    retail sales election.

Information provided in this news article may be subject to change. Please make note of the date of publication to ensure that you are viewing up to date information.