Making Tax Digital postponed until 2024

Making Tax Digital postponed until 2024

HMRC had been planning to start digital tax from 6th April 2023, however that has now been postponed until 6th April 2024.

There have also been some further details of digital tax record-keeping. You do not have to input your income and expenses straightaway if you do not wish to.

There were worries that people would have to spend time daily updating their records rather than complete this weekly or monthly/etc as they do at present.

Quarterly updates can also be submitted up to 10 days early, for example if you were going on holiday and no further transactions were expected that quarter.

It has also been confirmed that agents can complete the digital record-keeping for you if you wish, rather than you having to set up new record-keeping systems and spend time on these for the new quarterly digital tax returns.

, ,

Comment