Date24 Sep 2021
CategoryTax, Private Client
The Government announced on 23 September that the planned introduction of compulsory digital record keeping and quarterly returns for unincorporated businesses and self-employed will be postponed by one year and will now come into effect in April 2024.
MTD requirements for Income Tax self-assessment will also be postponed by a year and will also now be introduced in April 2024.
Changes in the basis period rules that govern how self employed/partnership profits are taxed will not come into effect before April 2024, with a transition year not coming into effect earlier than 2023.
HM Revenue & Customs aim to be one of the most digitally advanced tax authorities in the world and this postponement reflects an acknowledgement of the challenging period that many businesses have been working through during the pandemic.
The announcement is welcomed and provides businesses, taxpayers and advisors more time to prepare for the change.
We recommend that our clients continue to prepare for Making Tax Digital well in advance of the mandatory deadline and at Azets we are able to offer our clients a personalised online, secure digital workplace via our “CoZone” portal. This means we can provide clients with an accountancy service and instant access to real time information about their business.
Speak to a member of our team