The government has announced a two-year delay to the introduction of Making Tax Digital for Income Tax Self Assessment (MTD for ITSA), along with major changes to the income thresholds for those affected.
MTD for ITSA had previously been scheduled to start in April 2024, and self-employed business owners and landlords with a total business and/or property income above £10,000 per year had been due to comply from that date.
However, Victoria Atkins, the Financial Secretary to the Treasury, released a ministerial statement on 19th December 2022 setting out significant adjustments to the scope and timing of MTD for ITSA.
The key points are:
Updated guidance on MTD for ITSA is now available on the government’s website.
Copyright © 2018 Kelpie Accounting and Tax Ltd - All Rights Reserved.
Director - Ian Blackwood CA CTA