08 December 2023
HM Revenue and Customs (HMRC) has released draft regulations covering the amendments to the staging dates of Making Tax Digital (MTD) for income tax.
The changes presented are:
- revised MTD mandation date and threshold
- improving the design of quarterly updates
- simplifying processes by removing End of Period statements
- introducing easements for landlords with jointly owned property
- exempting specific groups from MTD requirements.
HMRC welcome views on the proposed legislation, the consultation period ends on 12 January 2024.
This has come as a result of the Making Tax Digital Small Business Review: Outcome, exploring the needs of small and medium enterprises when it comes to the roll out of MTD for income tax.
Make sure you have your voice heard if you have any strong opinions on the proposals.
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