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Making Tax Digital For Income Tax Delayed

The government announced that Making Tax Digital (MTD) for income tax is to be delayed from April 2024 until April 2026.

MTD requires the self employed and landlords to maintain accounting records digitally on software. Quarterly returns of income and expenses are required to be made to HMRC, din addition to annual returns.

MTD for income tax will apply to self employed businesses and landlords witrh gross annual income of over £10,000.

MTD which is now due to commence in April 2026, will initially only apply to the self employed and landlords with gross income in excess of £50,000.