Cash basis to replace accruals for the self-employed as standard tax reporting method for 2024-25 (first year of tax year accounting).
A dramatic simplification of the MTD processes to be introduced in 2026 including no EOPS; cumulative submissions each quarter; and restrictions for complex situations.
Making tax digital for income tax self-assessment (MTD ITSA) was set to take effect from 6 April 2024. This has been postponed until 6 April 2026.
Making Tax Digital (MTD) is moving along at place, taking effect for income tax for many from April 2024. What else is on the horizon for business and what can you do to get ready for MTD?
You need to be ready for MTD and how it will change the way you report income to HMRC. But are you ready for the upcoming changes to basis periods?