{"id":21383,"date":"2021-09-09T11:46:16","date_gmt":"2021-09-09T11:46:16","guid":{"rendered":"https:\/\/smh.group\/?p=21383"},"modified":"2023-02-15T13:47:15","modified_gmt":"2023-02-15T13:47:15","slug":"are-you-ready-for-mtd","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/are-you-ready-for-mtd\/","title":{"rendered":"Are you ready for MTD?"},"content":{"rendered":"<p><strong>Making Tax Digital for income tax self-assessment may still be 18 months away, but if you are self-employed or a landlord, it is time to get ready for digital record keeping, ahead of the deadline. <\/strong><\/p>\n<p>MTD ITSA (as it\u2019s known) is set to begin on 6 April 2023, and it looks like businesses will need to enter the new regime from the first accounting period commencing on or after 1 April 2023; the proposed basis period rules deem an accounting period ending on 31 March as ending on 5 April.<\/p>\n<p>More than four million taxpayers are set to start MTD ITSA from 6 April 2023, and the current timetable has met fierce opposition. The limited nature of the pilot scheme has not helped.<\/p>\n<h2><strong>How MTD ITSA will work<\/strong><\/h2>\n<p>MTD ITSA will initially apply to the self-employed and landlords with total annual turnover exceeding \u00a310,000. There is no exclusion if you have, say, \u00a36,000 of trading income and \u00a36,000 of rental income.<\/p>\n<ul>\n<li>Income and expenditure will have to be recorded digitally. Spreadsheets are fine, but, if you do it yourself, MTD-compatible software will be needed to submit quarterly updates.<\/li>\n<li>A quarterly summary of income and expenses must be sent to HMRC, with a final declaration replacing the self assessment tax return.<\/li>\n<li>There will be a new penalty system and no soft landing. However, a late filing penalty will not apply until four quarterly submissions are late.<\/li>\n<\/ul>\n<p>The biggest impact will be for those currently maintaining paper records. A move to spreadsheets should not be too onerous, however, and it will then be fairly straightforward to use these as a basis for the filing requirements.<\/p>\n<p>If you are thinking of moving to a software package, be warned there are currently only seven providers of suitable software. HMRC has issued <a href=\"https:\/\/www.gov.uk\/government\/publications\/making-tax-digital-for-business-stakeholder-communications-pack\/making-tax-digital-for-business-stakeholder-communications-pack#additional-support-and-guidance\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline;\"><strong>guidance on MTD ITSA<\/strong><\/span><\/a> and of course our <span style=\"text-decoration: underline;\"><strong><a href=\"https:\/\/devstagesite.co.uk\/smhgroup\/chartered-accountants\/\">Accounting &#038; Business Advisory<\/a><\/strong><\/span> are here to help on <strong>0114 266 4432<\/strong> or <a href=\"mailto:info@smhca.co.uk\"><span style=\"text-decoration: underline;\"><strong>info@smhca.co.uk<\/strong><\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Making Tax Digital for income tax self-assessment may still be 18 months away, but if you are self-employed or a landlord, it is time to get ready for digital record keeping, ahead of the deadline.<\/p>\n","protected":false},"author":4,"featured_media":18788,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[3],"tags":[83,11,819,106,104,820,250,187,19],"class_list":["post-21383","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-smh-accounting-business-advisory","tag-chartered-accountants","tag-hmrc","tag-landlord","tag-making-tax-digital","tag-mtd","tag-mtd-itsa","tag-self-assessment","tag-self-employed","tag-tax"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Are you ready for MTD? 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