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Talking Making Tax Digital: draft notices released
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Our interactive chat show with the UK's leading tax expert is back!
From April 2024, Making Tax Digital for Income Tax, will apply to businesses and landlords with income over £10,000. The Income Tax Regulations 2021 set out the requirements that must be complied with under MTD for Income Tax. These include the use of MTD-compatible software to keep and preserve their business records digitally, send quarterly updates of records to HMRC, and submit an end of period statement to HMRC. HMRC published the draft notices on Friday 1 July and are inviting comments.
In this week's Tax Talk: Live! Rebecca Benneyworth will open up discussion of these releases and will invite your questions.
We will have in depth discussion around all areas that these releases cover:
- the use of functional compatible software
- the information required when submitting a quarterly update and end of period statements
- retail sales election
If you have questions about what this could mean for your business and clients or simply want to share your thoughts with the community this is the episode for you! Join us to help your understanding of the updates from HMRC and get tax tips to advise your clients.
Please ensure details used to claim CPD points match those used when registering for this episode. Your certificate will be sent to you within 30 days of submitting your details.