Your guide to surviving 'Making Tax Digital'

Abstract

In the 2023/24 tax year, 7mn individuals completed the income tax self-assessment either as landlords or self-employed sole trader businesses. Accountants argue dealing with HM Revenue & Customs (HMRC) can often be challenging, with issues such as long wait times, incorrect refund amounts, and errors in tax codes causing significant frustration. [...]some commentators have likened the change to a money grab for HMRC. Under the current self-assessment filing system, taxpayers face a penalty if they miss the deadline for submitting a return or paying their bill.