The current situation with Making Tax Digital for Income Tax Self-Assessment – MTD ITSA, and what may happen next.
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.
Although the government has delayed its plans for the introduction of Making Tax Digital for ITSA (Income Tax Self-Assessment), Bates Weston urges self employed and landlords to make the move to digital record keeping sooner rather than later.
A recap of HMRC’s proposals to reform the penalties for late submissions to a points based system.