Making Tax Digital (MTD) is a government initiative to modernise HMRC’s tax system. The aim of this is to make the whole process of administrating tax simpler and more efficient. All of your tax information will be in one place (your digital account) and you will be able to pay taxes based on your activity during the year.
You can upload and update your tax account in real time!
MTD for Income Tax should become law from 6 April 2024. It will apply to the self-employed, partnerships, and those who receive income from property, with gross income from these sources above a threshold of £10,000.
Read more about the latest news on Making Tax Digital here
The good news is that you can reduce your running costs and streamline your accounting by complying with the new rules!
Please contact CKLG on 01223 810100 for further help and support – we are cloud accounting specialists and can train and support you with the right software.
