Time is counting down to the arrival of HMRCs Making Tax Digital (MTD) for Income Tax.
Self employed businesses and landlords with an annual business or property income above £10, 000 will need to follow the rules for MTD for Income Tax from their next accounting period starting on or after 6th April 2024.
This means each business you own has to send an update via MTD compatible software every three months with a summary of their business income and expenses.
You will also need to send a quarterly update for any rental income from property that you own.
The good news is that as Agents we can help you with getting your business data ready for MTD.
We advocate Xero as our MTD software provider - their web based software is easy to use and fully compliant
