Are you self-employed or a landlord with an income over £10k? Well, this will affect you!
There have been several changes over the years with MTD, including this year. All businesses, no matter if they are VAT registered, have to comply with MTD. As a business you should already be complying with these requirements that came into play in April of this year.
If you haven’t already you need to act NOW! Speak with one of our specialist team urgently to avoid penalties from the HMRC.
The next big change that will come into effect, is that anyone who is self-employed or a landlord with an income over £10,000 will need to do their MTD self-assessments from April 2024.
What does this mean for you?
MTD is a new way of reporting property income and self-assessments. You will need to use compatible software to comply rather than filing your annual self-assessment tax return.
You will also need to submit this quarterly, confirming your income and expenses. At the end of the year, you’ll need to send an end of period statement (EOPS) with a final declaration.
We appreciate that this all can sound confusing. Our team can work with you to advise what need to be done to prepare for this. We can help sort this for you and remove the stress of the change switching over. We will also ensure that you are fully compliant, removing the risk of a HMRC fine.
We hope this has outlined to you the key deadline and information on MTD, and how it will affect your business. If there’s anything mentioned, or you wish to know more about MTD , then please do not hesitate to get in contact with us at Nordens where one of our trusted advisors would be happy talking you through your query.