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News

MTD for income tax – Quarterly information to be reported by businesses

11/7/2022

 
Picture
  1. As the new Payroll year started in April 2022 we have been waiting for information on the next step in the Making Tax Digital (MTD) journey. From April 2024, MTD for Income Tax, will apply to relevant persons (unincorporated businesses and landlords) with business and/or property income over £10,000.

  2. The Income Tax (Digital Requirements) Regulations 2021 (SI 2021 No 1076) set out the requirements that relevant persons must comply with under MTD for Income Tax. These include the use of MTD-compatible software to keep and preserve their business records (business income and expenses) digitally, send quarterly updates of their records to HMRC, and submit an end of period statement to HMRC.
​

The draft notices published here are made under powers conferred by these regulations. This consultation invites views on these which provide additional information on the key requirements of MTD as they relate to:
​
  • the use of functional compatible software
  • the information required when submitting a quarterly update and end of period statements
  • retail sales election

The draft notices specify the proposed dataset requirement. In due course Pegasus will publish guidance to explain how customers can reflect any accounting and tax adjustments that may be required to reconcile the quarterly submissions to the final taxable profits for the year. 

Open Consultation: Tertiary legislation for Making Tax Digital for Income Tax  

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  • Software Solutions
    • Opera 3
    • Opera 3 SQL SE
    • Construction Industry Software
    • EazyStock
    • PODFather
    • Software Development
    • WMS - MJM Data Capture
    • DUET Business Cloud
  • About Us
    • Support Services
    • Customers >
      • EDWARD VINSON LTD
      • E SAUNDERS
      • GOLFSTREAM
      • KENT PERFORMANCE CAMS
      • JACKSON FENCING
      • ROYAL TRINITY HOSPICE
      • SIP ANALYTICAL
    • Videos
    • Events
    • News
    • COVID-19 Policy
  • Contact
  • Customer Zone
    • Log a Support Call
    • Pegasus Release Information
    • o-a-sys Webinars
  • Remote Support