MTD - change year end or too late?

GillianD

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?

uknick

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






 

DRS1

uknick said:

If you're Ltd then MTD for company tax returns has been cancelled.

HMRC scraps MTD for corporation tax | AccountingWEB






 

Wish they'd do that for human beings.

GillianD

Thank you.
We are a Sole Trader so will look to changing our year end though I haven't a clue how to do that!!