Episode 112 - How Bookkeepers Can Respond To The MTD Delay

In this episode of The Bookkeepers' Podcast, Jo Wood & Zoe Whitman were joined by Chris Downing of Sage to discuss the delay of MTD.

They discussed:

- The background of MTD for ITSA. Making Tax Digital for Income Tax and Self Assessment was due to come into play in April 2023 but has been deferred until April 2024. It affects unincorporated businesses and landlords who will need to report a business updated to HMRC quarterly and keep digital records, generating an estimated tax liability. They will then produce and end of year statement. In April 2025 general partnerships will also be brought into the scheme.

- The number of businesses who will be affected: 3.5 million will be affected in April 2024 and another 0.5 million in April 2025.

- How MTD will help small businesses to have a better view of business performance

- The general sense within the profession of the delay to MTD

- How to plan to implement MTD

- How MTD for ITSA is an opportunity to press the reset button for every practice.

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