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.
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.
Your speakers
