MAKING TAX DIGITAL

The above new legislation is coming (unless amended) into effect on the 6thApril, 2024 for Self Assessment and Landlords with rental income in excess of £10,000 where from the link below you can obtain further information:-

https://www.gov.uk/government/publications/making-tax-digital/overview-of-making-tax-digital

The consequence of this initially is that all VAT registered clients must prepare their record keeping through software that can be interrogated /submitted to HMRC online in order to produce statistical data and monitor taxpayers. This is just the beginning as HMRC are then demanding that all trading taxpayers information is to be submitted online through HMRC acceptable accounting software (6th April, 2024 unless deferred).

You can now see that all taxpayers will be required to submit digital tax and accounting information returns within the immediate foreseeable future and that the time is now to get your record keeping set up for this event.

There are various compatible accounting software programmes, we, at McDonagh & Company, use in the main Quickbooks and Sage.

If you or your company requires any help in getting set up for making tax digital please contact us for further information.