HMRC publishes guidance on Making Tax Digital for Income Tax Self Assessment

Industry News - 2nd April 2024

HMRC has published guidance on the Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) requirements for sole traders and landlords.

MTD for ITSA will require businesses and landlords with qualifying income to maintain digital records and update HMRC each quarter via compatible software.

In the guidance, HMRC stated that MTD for ITSA will be introduced in two phases:

• from April 2026 for those with qualifying income over £50,000
• from April 2027 for those with qualifying income over £30,000. According to HMRC, the digitalisation of government tax services will help to:

• reduce the risk of unintentional customer errors
• save taxpayers time when they submit their tax returns
• support wider productivity and less time managing paperwork
• and enable HMRC to better tailor its services to its customers.

Please contact us, if you would like to know more about how MTD for ITSA may affect your business.

Internet link: GOV.UK

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