Treasury reviewing £30k threshold for Making Tax Digital (MTD)
The Treasury is reviewing whether it's appropriate for people earning less than £30,000 to report their taxes quarterly under Making Tax Digital (MTD). This review was mentioned by Treasury Minister Victoria Atkins during a hearing with the Treasury Committee.
The original plan was for sole traders and landlords earning above £10,000 to report their earnings quarterly from April 2024, but the threshold was raised to £50,000 with a new implementation date of 2026.
Atkins expressed the need to ensure a smooth transition and is considering the impact on individuals earning up to £30,000. The aim is to create an effective and paced rollout of MTD, which will be a significant part of improving government productivity.
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