HMRC has announced this month that they are opening out of their Making Tax Digital for Business (MTDfB) Income Tax pilot, which has developed from its near year-long, limited, invitation-only testing phase to allow all-comers to join. This is good news, given the VAT-MTD pilot is projected to start next month. Only the self-employed will be able to ‘on-board’ (join) the MTDfB Income Tax Pilot and commence filing quarterly updates of their trading income and expenditure figures. It is anticipated that unincorporated landlords will be able to follow next month.
There will be shared a full list of software developers that can offer a capable means of filing quarterly. Currently, there are only two, however more are expected to follow.
In the meantime, we can help you prepare for MTD – please contact us for more information.