The current situation with Making Tax Digital for Income Tax Self-Assessment – MTD ITSA, and what may happen next.
What is next for MTD ITSA?
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self-employed
self-employed
Making Tax Digital for Income Tax Self-Assessment
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.
Preparing for the Health and Social Care Levy
A summary of what you need to know, as an employer or if you are self employed, to prepare for the Health and Social Care Levy.
Regular check ups on the financial health of your business
Regular check ups on the financial health of your business, particularly on cashflow, let you spot and resolve potential problems before they become major issues.
HMRC delays Making Tax Digital for ITSA
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.
Penalties for late submissions to HMRC
A recap of HMRC’s proposals to reform the penalties for late submissions to a points based system.
Making Tax Digital for Income Tax
How will making Tax Digital for Income Tax – MTD ITSA – affect your business? An explanation of HMRC’s current proposals.
Reporting tax on self-employed profits
Consultation document proposes moving from a current (accounting) year basis to a tax year basis for reporting tax on self-employed profits.
Details of fifth SEISS grant
HMRC has published guidance on how to work out turnover if you are eligible for the fifth SEISS grant. If you are eligible HMRC will contact you in mid July, with online claims service available from late July. Claims must be made by 30 September.
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