Many not prepared for Making Tax Digital
HMRC has released a report 'Research Report 646: Customer readiness for Making Tax Digital for Income Tax Self-Assessment (ITSA)' (linked at the bottom, if you are interested in reading further). The report found that ,whilst four in ten taxpayers surveyed recognised the benefits of the new rules, and thought complying would be easy, six in ten were either not engaged in the process or had concerns.
Making Tax Digital (MTD) for Income Tax is due to be introduced for the self-employed and landlords with turnover or gross income over £10,000 from April 2024.
If you have concerns or questions about MTD for Income Tax, or would like to ensure you are ready for the upcoming changes, please don't hesitate to contact us for advice.