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Making Tax Digital

This training provides a comprehensive guide to understanding and preparing for Making Tax Digital (MTD) for Income Tax, focusing on its scope, application, practical implications, and the necessary steps for compliance.
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Learning Outcomes

Participants will gain a comprehensive understanding of Making Tax Digital (MTD) for Income Tax, including who it applies to, what it requires, how and when to report, the impact on year-end declarations, and the unchanged tax payment deadlines. They will leave equipped to comply confidently with the digital record-keeping and quarterly submission requirements mandated by HMRC.

Key Takeaways

  • MTD applies to freelancers with qualifying income over £50,000 (phased down to £20,000 by 2028).
  • Quarterly digital updates must be submitted to HMRC by the 7th of the month following each quarter's end.
  • A final year-end declaration is required, replacing the traditional Self-Assessment return for MTD users.
  • Good bookkeeping is essential, as timely and accurate record-keeping underpins successful MTD compliance.
  • MTD is about digital transformation, not just submitting online, but adopting compatible software and real-time processes.

 

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