Over 400,000 landlords and self employed still not signed up to MTD for Income Tax if have £50,000 qualifying income with first quarterly return deadline only two weeks away
The new Making Tax Digital (MTD) for Income Tax system is compulsory, except for a very few exemptions, so it is absolutely critical to sign up even though the up to £200 HMRC financial penalties will not be imposed in year one for failure to file returns quarterly. Meantime, agents in the beta trials pre-launch are coming up against problems filing year ends for beta clients due to delays with MTD software updates.
The deadline to register and file first quarterly update for Making Tax Digital (MTD) for Income Tax is Friday 7 August, only two weeks away, with a total of 864,000 taxpayers required to file based on their earnings in 2024-25 tax year. It is a legal requirement and is mandatory for taxpayers in scope.
