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MTD - change year end or too late?
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GillianD
Posts: 37 Forumite

in Cutting tax
I have already submitted using MTD and am a tad confused. My year end is 31 December so I think I am will always need to resubmit the return after 31 December each year.
Assuming that is correct, and as I already submit vat returns using MTD, would it be better and less confusing if I changed our year end date to 31 March or 5 April?
Or wouldn't it matter?
Assuming that is correct, and as I already submit vat returns using MTD, would it be better and less confusing if I changed our year end date to 31 March or 5 April?
Or wouldn't it matter?
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Comments
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Are you Ltd or sole trader?
If sole trader all businesses from the 2024-25 tax year are already required to report their account basis as the tax year.
How HMRC assesses profits for some sole traders and partnerships to change - GOV.UK
It makes sense for most businesses to change their tax year.
If you're Ltd then MTD for company tax returns has been cancelled.
HMRC scraps MTD for corporation tax | AccountingWEB
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uknick said:
If you're Ltd then MTD for company tax returns has been cancelled.
HMRC scraps MTD for corporation tax | AccountingWEB
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