{"id":25690,"date":"2024-01-16T13:46:52","date_gmt":"2024-01-16T13:46:52","guid":{"rendered":"https:\/\/smh.group\/?p=25690"},"modified":"2024-01-30T11:36:07","modified_gmt":"2024-01-30T11:36:07","slug":"making-tax-digital-small-business-review","status":"publish","type":"post","link":"https:\/\/devstagesite.co.uk\/smhgroup\/making-tax-digital-small-business-review\/","title":{"rendered":"Making Tax Digital small business review"},"content":{"rendered":"

The outcome from the Making Tax Digital<\/a> (MTD) small business review is that MTD for income tax self-assessment (ITSA) will not be extended to those earning under \u00a330,000 for the foreseeable future.<\/strong><\/p>\n

MTD ITSA for the self-employed and landlords is to be introduced from April 2026, with the initial mandate applying to those with income over \u00a350,000. Those with income between \u00a330,000 and \u00a350,000 are set to join from April 2027.<\/p>\n

The government said it would review the needs of smaller businesses \u2013 those with income under the \u00a330,000 threshold \u00ad\u00ad\u2013 before extending MTD further. The latest announcement means there will be no extension, although the decision will be kept under review.<\/p>\n

There is no set mandating date for general partnerships (those with individuals), non-general partnerships (those with a corporate partner) and limited liability partnerships.<\/p>\n

An important point to note is that the \u00a330,000 and \u00a350,000 limits apply to total self-employment and property income, and not to the profits actually made.<\/p>\n

Reporting <\/strong><\/h2>\n

Some reporting changes have also been announced:<\/p>\n