Here our MD Sarah Alexander and Head of our Midhurst office Melanie Phillips provide an overview of the upcoming changes to self-assessment, namely Making Tax Digital for self-assessment which will apply from 6 April 2023.
The changes mean that you will need to keep digital records of all your business income and expenses when it comes from self employment and property
Making Tax Digital is a key part of the Government’s plans to make it easier for individuals and business to get their tax right and keep on top of their financial affairs. It is a fundamental change to the way the tax system works, transforming the process of tax administration.
At Lewis Brownlee, we prepare a significant number of tax returns in January each year. Leaving compiling your records and preparing your tax return to only one month in advance of the deadline will no longer be acceptable once we are under the MTD regime. From April 2023 figures will need to be recorded on a timely basis and sent to HMRC every 3 months.
If you have any questions or would like to speak to our team about your situation and how the change in MTD rules may affect you, then please get in touch!
You can call us on 01243 782 423 or email LetsTalk@LewisBrownlee.co.uk