HMRC has announced that businesses will have an extra year to prepare for the digital tax reforms owing to the challenges faced by many business owners caused by the pandemic. As a result, Making Tax Digital for Income Tax will now be introduced in April 2024.
In response to this news, we asked Johanna Wright, a senior manager in our Tax team, and Parry Jackson, a director in our Business team, what they thought the impact the MTD delay could have on businesses and what business owners should do now.
If you have any questions on anything discussed in this video, you can contact Johanna and Parry using the form below.
We always recommend that you seek advice from a suitably qualified adviser before taking any action. The information in this article only serves as a guide. The authors or the firm can accept no responsibility for loss occasioned by any person acting or refraining from action due to this material.