Are you Ready for Making Tax Digital? The implementation of Making Tax Digital for Income Tax (MTD for ITSA) has been on the horizon for a number of years, with the intention to ‘create a tax system fit for the digital age’.
And, after the successful roll out of Making Tax Digital for VAT in 2019, HM Revenue and Customs are now, despite a number of initial delays, pressing ahead with the digital reporting of income received by businesses and landlords. In this article Kate Cowell, Associate Tax Adviser, explains who meets the criteria for the changes, why it’s essential to understand if you’re affected and what steps you can take now to make sure you’re ready.
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