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From April 2024, landlords and unincorporated businesses, including sole traders and self-employed workers, with annual business and/or property income above £10,000 will need to record and report their Income Tax information digitally each quarter.
This landmark change is part of the ongoing Making Tax Digital (MTD) strategy from HM Revenue & Customs, which has already changed the landscape for VAT.
More than 4.2 million taxpayers will be affected by the new MTD requirements that change how you:
? Report and record Income Tax through Self-Assessment
? Prepare Self-Assessment information for HMRC
? Are penalised for non-compliance
To help you get to grips with these upcoming changes, we have prepared a helpful guide
Please get in contact with us if you have any questions about this or any of our services.