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Writer's pictureUPECO Columnist
Aug 9, 2022

Mandatory digital income tax return for self employed and landlords via MTD system.

 

As is known, from 2019 onwards some businesses submit a digital tax return (Making Tax Digital). From April 2024 onwards, the same will apply to the self-employed and landlords.


Simply put, those who are self-employed and landlords and have an income of more than £10,000 will have to submit their income - expenditure quarterly and once a year end of period statement (EOPS) and a final declaration with a compitable software.


Specifically, the deadlines for submitting income and expenses after April 2024 will be:

  • ➤ 5 August

  • ➤ 5 November

  • ➤ 5 February

  • ➤ 5 May


The current known tax return (Self Assessment tax return) is replaced with the EOPS and Final Declaration with its submission deadline and payment remaining as it is (31/1 of each year).


NOTE: MTD returns should be made with HMRC compatible software.

 

At UPECO we are ready to provide you with the relevant support with leading FinTech systems. Our company is a partner of SAGE in the field of Cloud software, through which we arrange any accounting - tax digitization, as SAGE is one of the few software that is fully harmonized in the digital course of HMRC.


For detailed information, simply easily arrange an online session with us.






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ATTENTION!


This article intends to give only a general informative picture and should not, in any case, be taken as a rule. It is strongly recommended to seek a full and professional guidance specifically for your circumstances before making any decisions.

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