Making Tax Digital for Income Tax Self Assessment (MTD ITSA) will require sole trade businesses and landlords with qualifying income over a certain threshold to maintain digital records and update HM Revenue & Customs each quarter using compatible software. If...
The Spring Statement has passed with no ‘changes to taxes’. While this statement is true, some ‘taxing’ changes have still been announced in the background. Making Tax Digital (MTD) MTD for VAT has been in place for a while and is now fast-approaching for Income Tax...
In the 2021 Budget. proposals to reform the income tax basis periods were confirmed. The intention was to help with the introduction of Making Tax Digital for Income Tax Self Assessment (MTD ITSA). This will affect all business who have accounting periods that do not...
Draft legislation for Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA) has been issued by HMRC. From April 2024, individuals with a turnover of £10,000 or more from self-employment or property income will be required to make quarterly submissions with a...