HMRC has updated its making tax digital for income tax guidance pages, principally to set out the information in a more logical way, with various new sections added on the basic requirements from 6 April 2024.
individuals registered for self-assessment, who were self-employed or collecting property income before 6 April 2023, and have qualifying income of more than £10,000, will be within the new rules from 6 April 2024;
following submission of the 2022/23 tax return, HMRC will write to taxpayers confirming whether they meet the MTD for income tax requirements - those who do will need to set up compatible software and sign up for MTD;
those who become self-employed or a landlord after 6 April 2023 will be required to sign up for MTD after they have submitted their first self-assessment tax return (but can opt to sign up sooner on a voluntary basis); and
general partnerships will need to sign up by 6 April 2025.
Check if you can sign up for making tax digital for income tax: the section ‘Check what is included in your qualifying income’ has been updated to confirm that disguised investment management fees or income-based carried interest are treated as the profits of a deemed trade and will be included in qualifying income. The guidance also covers how residence and domicile affect qualifying income.
Using making tax digital for income tax: new sections have been added on ‘how to meet the requirements’ for MTD (both for individuals and their agents). The guidance on finalising business income at the end of the tax year has been expanded, and a new section ‘finalise your income tax position’ has been added.
HMRC has updated its making tax digital for income tax guidance pages, principally to set out the information in a more logical way, with various new sections added on the basic requirements from 6 April 2024.
individuals registered for self-assessment, who were self-employed or collecting property income before 6 April 2023, and have qualifying income of more than £10,000, will be within the new rules from 6 April 2024;
following submission of the 2022/23 tax return, HMRC will write to taxpayers confirming whether they meet the MTD for income tax requirements - those who do will need to set up compatible software and sign up for MTD;
those who become self-employed or a landlord after 6 April 2023 will be required to sign up for MTD after they have submitted their first self-assessment tax return (but can opt to sign up sooner on a voluntary basis); and
general partnerships will need to sign up by 6 April 2025.
Check if you can sign up for making tax digital for income tax: the section ‘Check what is included in your qualifying income’ has been updated to confirm that disguised investment management fees or income-based carried interest are treated as the profits of a deemed trade and will be included in qualifying income. The guidance also covers how residence and domicile affect qualifying income.
Using making tax digital for income tax: new sections have been added on ‘how to meet the requirements’ for MTD (both for individuals and their agents). The guidance on finalising business income at the end of the tax year has been expanded, and a new section ‘finalise your income tax position’ has been added.
