From April 2024 Making Tax Digital will apply to virtually all landlords and self-employed with total gross incomes in excess of £10,000 per annum. (Was due to be April 2023, but delayed by HMRC in Sept 2021)
Those affected will be required to record transactions and make quarterly reports to HMRC of income and expenses to in digital format.
If you are already VAT registered and using a product such as Xero, Sage, Kashflow or Quickbooks then you are probably already well placed to cope with the change, but if not you will need to prepare for the new reporting requirements.
April 2024 might seem a long way off but we are keen to make sure that our clients are well prepared before the due date. This will give you time to get used to the new record keeping requirements and iron out any wrinkles before the system goes live.
If you would like to understand more about your obligations and/or would like assistance transitioning to the new system, please register your interest by completing the form and let us know your preferred method of delivery, for example webinars, seminars or one to one training etc.