{"id":23958,"date":"2023-01-10T15:40:43","date_gmt":"2023-01-10T15:40:43","guid":{"rendered":"https:\/\/smh.group\/?p=23958"},"modified":"2023-01-10T15:42:04","modified_gmt":"2023-01-10T15:42:04","slug":"making-tax-digital","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/making-tax-digital\/","title":{"rendered":"Making Tax Digital for Income Tax Self Assessment (MTD for ITSA)"},"content":{"rendered":"

The UK Government has announced that Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) will now be mandated starting from April\u200c\u200c\u200c \u200c\u200c2026, rather than from April\u200c\u200c\u200c \u200c\u200c2024.<\/strong><\/p>\n

The Government has stated:<\/h2>\n

The UK Government understands businesses and self-employed individuals are currently facing a challenging economic environment, and that the transition to MTD for ITSA for the self-employed and small landlords represents a significant change for taxpayers, you as agents, and for HMRC.<\/p>\n

That means it is right to take the time needed to work together to implement MTD well, maximise the benefits derived from it, and test and learn as we go.<\/p>\n

We will continue to work with you to prepare for the transition to MTD for ITSA, including the testing of the service to ensure that it works for taxpayers and you as agents. You can continue supporting your clients now, by helping them keep digital records and preparing them to sign up ahead of mandation.<\/p>\n

The details announced, which may be of particular interest to you, include:<\/p>\n\n\n\n\n\n\n\n
\u2022<\/td>\nfrom April\u200c\u200c\u200c \u200c\u200c2026,\u202fself-employed individuals and landlords with an income of more than \u00a350,000 will be required (mandated) to keep digital records and provide quarterly updates on their income and expenditure to HMRC through MTD-compatible software<\/td>\n<\/tr>\n
\u2022<\/td>\nthose with an income of between \u00a330,000 and up to \u00a350,000 will need to do this\u202ffrom April\u200c\u200c\u200c \u200c\u200c2027<\/td>\n<\/tr>\n
\u2022<\/td>\nwe anticipate that most taxpayers within the scope of MTD for ITSA will be able to sign up voluntarily before they are mandated to do so<\/td>\n<\/tr>\n
\u2022<\/td>\nthe UK Government will not extend MTD for ITSA to general partnerships in 2025. The government remains committed to introducing MTD for ITSA to partnerships at a later date, to be confirmed<\/td>\n<\/tr>\n
\u2022<\/td>\nthe UK Government will review the needs of smaller businesses, and particularly those under the \u00a330,000 threshold before taking further decisions. This will look in detail at how the MTD for ITSA service can be shaped to meet their needs and the best way for them to fulfil their Income Tax obligations. Once that review is complete \u2013 and in consultation with businesses, taxpayers, agents, and others \u2013 the UK Government will lay out the plans for any further mandation of MTD for ITSA<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

 <\/p>\n

If you need help with making the transition for your business contact our\u00a0Sheffield based\u00a0Accounting & Business Advisory<\/strong><\/a>\u00a0on\u00a00114 266 4432<\/strong>\u00a0or\u00a0info@smh.group<\/strong><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The UK Government has announced that Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) will now be mandated starting from April\u200c\u200c\u200c \u200c\u200c2026, rather than from April\u200c\u200c\u200c \u200c\u200c2024.\u00a0<\/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":[332,69,83,969,106,820],"class_list":["post-23958","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-smh-accounting-business-advisory","tag-tax-2","tag-capital-gains-tax","tag-chartered-accountants","tag-digita-tax","tag-making-tax-digital","tag-mtd-itsa"],"acf":[],"yoast_head":"\nMaking Tax Digital for Income Tax Self Assessment (MTD for ITSA) - SMH Group<\/title>\n<meta name=\"description\" content=\"The UK Government has announced that Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) will now be mandated starting from April\u200c\u200c\u200c \u200c\u200c2026, rather than from April\u200c\u200c\u200c \u200c\u200c2024.\u00a0\" \/>\n<meta name=\"robots\" content=\"noindex, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) - SMH Group\" \/>\n<meta property=\"og:description\" content=\"The UK Government has announced that Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) will now be mandated starting from April\u200c\u200c\u200c \u200c\u200c2026, rather than from April\u200c\u200c\u200c \u200c\u200c2024.\u00a0\" \/>\n<meta property=\"og:url\" content=\"https:\/\/devstagesite.co.uk\/smhgroup\/making-tax-digital\/\" \/>\n<meta property=\"og:site_name\" content=\"SMH Group\" \/>\n<meta property=\"article:published_time\" content=\"2023-01-10T15:40:43+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-01-10T15:42:04+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2019\/01\/Tax3.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1034\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Brendan Hall\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Brendan Hall\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/making-tax-digital\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/making-tax-digital\/\"},\"author\":{\"name\":\"Brendan Hall\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/#\/schema\/person\/637129b7464f960037f1b676f625570e\"},\"headline\":\"Making Tax Digital for Income Tax Self Assessment (MTD for ITSA)\",\"datePublished\":\"2023-01-10T15:40:43+00:00\",\"dateModified\":\"2023-01-10T15:42:04+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/making-tax-digital\/\"},\"wordCount\":393,\"image\":{\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/making-tax-digital\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/devstagesite.co.uk\/smhgroup\/wp-content\/uploads\/2019\/01\/Tax3.png\",\"keywords\":[\"#tax\",\"Capital Gains Tax\",\"chartered accountants\",\"digita; tax\",\"making tax digital\",\"MTD ITSA\"],\"articleSection\":[\"SMH Accounting & Business Advisory\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/devstagesite.co.uk\/smhgroup\/making-tax-digital\/\",\"url\":\"https:\/\/devstagesite.co.uk\/smhgroup\/making-tax-digital\/\",\"name\":\"Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) - 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