Making Tax Digital deadlines - key dates to know

Key dates for Making Tax Digital 

Deadlines can cause stress but don’t worry, here we explain the MTD deadlines that are coming up so you can stay compliant.

• April 2022: MTD for VAT was extended to all VAT-registered businesses, including VAT voluntary registered businesses. This means that in order to be MTD for VAT compliant, any business or individual will have to:
• Sign up to Making Tax Digital
• Keep their records digitally
• Submit their VAT return information to HMRC through MTD compatible software

It’s important to mention that this includes businesses below the £85,000 VAT registration threshold. Lots of other VAT registered businesses have already complied. All you need is MTD for VAT compliant software, like Powered Now,  which will then link your business's data digitally to your VAT return.

Have you tried Powered Now?

Powered Now fully supports MTD for VAT. 

• January 2023: The new Making Tax Digital penalty points system came into effect. This means that those who regularly make mistakes and/or miss deadlines will earn penalty points. At a certain threshold of points, a financial penalty of £200 will be applied.

• April 2026: Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) will take effect for all self-employed people and landlords with sales of over £50,000 per annum. They must register for Making Tax Digital for Income Tax Self Assessment and start making quarterly submissions. Exemptions from MTD for ITSA include: non-resident companies; trustees, executors and administrators; and foreign businesses of non-UK domiciled individuals.

• • August 5 for the period from April 6 to July 5
  • November 5 for the period from July 6 to October 5
  • February 5 for the period from October 6 to January 5
  • May 5 for the period from January 6 to April 5

• April 2027: Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) will take effect for all self-employed people and landlords with sales of between £30,000 and £50,000 per annum.
• April 2028: MTD for ITSA will apply to for all self-employed people and landlords with sales of between £30,000 and £50,000 per annum..

Questions?

We are happy to help. If you have any questions, you can contact us or leave a comment below and we will answer as soon as possible.

Additional useful information

• MTD for Income Tax Self Assessment - What it means for your business
• Making Tax Digital and the role of your accountant
• What are the penalties for non-compliance with MTD?
• What is MTD for VAT?