Making Tax Digital is here. Are you ready? - Daily Business Magazine

Contributing sentiments towards policy:

70% : It will place accurate financial information into the hands of you or your tax adviser more regularly to assist with visibility over business performance, forward tax planning and forecasting as well as a smoother year-end process.
59% : There may be MTD exemptions - check on the HMRC website or seek expert advice Preparation, planning ahead and taking advice at the right time are key for compliance and maximising any benefits from our ever-evolving tax landscape.
58% : Those with gross income above £50,000 per year will have to comply with a new Making Tax Digital (MTD) regime.
56% : While this will mean changes in processes and software that is compliant with MTD, the switch will bring advantages too with access to near real-time digital information about taxes for thousands of people for the first time.
55% : The overhaul - the most significant since the introduction of self-assessment in 1997 - will bring the tax system closer to real-time and affect 864,000 individuals and landlords UK-wide from 6 April of this year, with numbers predicted to rise to 2.9m within three years.
49% : Landlords, sole traders and the self-employed with the qualifying income of over £50,000 for the 2024-25 tax year will fall into scope for MTD from 6 April.
43% : A big change in filing accounts is about to come into effect, says FRASER CAMPBELL Landlords, sole traders and the self-employed are being urged to prepare for 'the death of the traditional tax return' in April.
41% : MTD truly signifies the death of the traditional income tax return.

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