BREAKING NEWS: Making Tax Digital (MTD) for Income Tax delayed
The government has delayed the introduction of Making Tax Digital for Income Tax by one year which was going to affect landlords and the self-employed from April 2023.
This will now be brought in from 6 April 2024 instead whilst MTD for general partnerships has been postponed to 2025. The government’s plan to tax all sole traders and members of partnerships on income earned in the tax year itself has also been postponed (not all businesses currently have a 31 March or 05 April year-end).
This was due to be phased in from the 2022/23 tax year but this has also been delayed until at least April 2024.