Existing businesses will all come into MTD on the same date: 6 April 2024. All businesses will file quarterly updates to the same quarter ends. Quarterly updates will be filed for each business separately, multiplying up the number of submissions made by individual taxpayers with more than one business. End of period statements will align with the accounting period rather than the tax year. Firms will need to start preparing now for the changes in view of the ‘one in all in’ start date and the bunching of workload around the quarterly filing dates.
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Existing businesses will all come into MTD on the same date: 6 April 2024. All businesses will file quarterly updates to the same quarter ends. Quarterly updates will be filed for each business separately, multiplying up the number of submissions made by individual taxpayers with more than one business. End of period statements will align with the accounting period rather than the tax year. Firms will need to start preparing now for the changes in view of the ‘one in all in’ start date and the bunching of workload around the quarterly filing dates.
If you or your firm subscribes to Taxjournal.com, please click the login box below:
If you do not subscribe but are a registered user, please enter your details in the following boxes:
