Shortly before Christmas 2022 as readers will be aware the government announced that making tax digital (MTD) for income tax is to be delayed until April 2026 and then with a much smaller mandation cohort.
As accountants and bookkeepers banks and financial institutions and other intermediaries review business plans with significantly less reliance on MTD for income tax what will it mean for software developers who have invested significantly in the programme?
The new timetable and scope for MTD for income tax replaces the previous schedule published in September 2021 which had set mandation in 2024 for the four million plus people with self-employment income or property income of £10 000 or more (about one-third of the 12 million people who have to file a tax return each year under self assessment).
The newly announced schedule is:
- the initial mandation threshold will be £50 000...
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