Making Tax Digital (MTD) November Workshopcreative77
In preparation for the impending HMRC changes, we held our first Making Tax Digital (MTD) workshop for clients who will be impacted by MTD for ITSA in the next couple of years.
There are some mandatory changes coming from HMRC as part of their MTD initiative. This will initially affect sole trader businesses with a turnover of over £10,000 per annum and individual landlords with rental income of more than £10,000 per annum.
MTD is part of the government’s plans to make it easier for individuals and businesses to get their tax right and manage their affairs digitally more efficiently and effectively in real-time. “Avoidable mistakes” cost the government £8.5 billion in 2018 to 2019, so the idea is that digital records are much more accurate, reducing the amount of mistakes and taxes lost.
We invited our clients who would be affected from April 2024 to a workshop we held to talk through these changes, software and support available.
The workshop was well attended and we are looking to set up another one in the new year for those who couldn’t join us in November. Although the changes aren’t mandatory yet, we are encouraging our clients to start working in this new way from April 2023 to give them a year to get to grips with it before it is mandatory and HMRC can start to issue penalties if people don’t comply with this new initiative. If you do have any queries please do not hesitate to contact us.