Nadim Zahawi, delivered the Chancellor’s Mansion House speech last night, speaking of the global fight against inflation, the need for private sector growth and the critical role of financial services.
HMRC has widened the pilot and simplified the quarterly requirements of Making Tax Digital for Income Tax Self-Assessment or MTD for ITSA for taxpayers with gross income from self-employment between £10,000 and the £85,000 VAT threshold, but many are concerned that the trial is too limited, the timescale too tight and the detail too brief to mean taxpayers will be ready for the April 2024 deadline.
Stuart Hulland, Partner at Bates Weston gives an update on the next phase of Making Tax Digital, MTD for Income Tax Self Assessment, now that the MTD VAT deadline has passed.