MTD for Income Tax and Basis Periods

Dive into the future of tax management with our comprehensive guide to Making Tax Digital (MTD). Discover how this revolutionary change will simplify your tax affairs with practical insights and solutions.

• Profit calculation overhaul - With MTD, taxable profits are now based on actual earnings, eliminating "overlap profits" for a more accurate representation
• Business impact - MTD applies to sole traders and partnerships, effective from 2024/25 with transitional rules in 2023/24. Adapt seamlessly to new digital reporting requirements
• Digital reporting - Embrace the future by keeping digital records and using compatible software for quarterly HMRC updates. MTD for Income Tax Self-Assessment (ITSA) starts in April 2026 and 2027, with a pilot program in April 2024

In Detail:

• Transitional rules and tax planning - Understand the rules and plan your taxes effectively
• Profit spreading strategies - Minimise tax liabilities with strategic profit spreading
• Self-assessment for the transition year - Manage self-assessment during the transition
• MTD ITSA timeline and compliance - Ensure compliance with the MTD ITSA timeline
• New quarterly reporting requirements - Meet the new reporting requirements
• Tax bill impacts - Manage the impacts on your tax bills efficiently

Buy your copy now and navigate the new digital tax landscape with confidence.