Midlands businesses urged to stay ahead of making tax digital

Prime Accountants Group, which has offices in Birmingham, Solihull and Coventry, says businesses would be wise to prepare for the legislation now and treat the delay as an opportunity to better learn how to reap the benefits from it.

Instead of launching in April 2024, HRMC announced the first phase of MTD for ITSA will follow a phased approach from April 2026, for sole traders and landlords earning above £50,000.

A leading Midlands accountancy firm has urged businesses in the region to continue preparations for Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA), despite the two-year extension to the deadline.

Jeremy Kitson, director at Prime Accountants Group, said: “While this deadline has been pushed back considerably, we strongly urge all businesses, including sole-traders and landlords, to make a head start on implementing the practices around the new system.

“The benefits go far beyond simplifying basic accounting tasks. The new system requires data to be submitted quarterly, in addition to an end-of-period statement,