Making Tax Digital: ready to fly?

Oct 20, 2022 | News

Though entry to Making Tax Digital for income tax self assessment (MTD ITSA) is being phased in, the first returns under the new rules are due to be made in 2024. MTD for VAT (MTDfV) already applies to all VAT-registered businesses.

What, however, do the MTD rules mean in practice?

HMRC research suggests many people are unsure which developments apply to them. We look here at what’s known so far, and what might affect you.

MTD: what are the rules on records and software?

MTD involves keeping and preserving specific accounting records in a prescribed digital format, and transmitting information to HMRC digitally. It does not mean having to scan and store receipts and invoices digitally, as originally envisaged.

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