MTD ITSA guidance updated following Budget
The Budget contained announcements regarding the rollout of Making Tax Digital for Income Tax Self-Assessment (MTD ITSA). The corresponding HMRC guidance has now been updated. What’s the latest position?
The current timetable for mandating into MTD ITSA is as follows:
- April 2026 for sole traders and landlords with income over £50,000; and
- April 2027 for those with income over £30,000
When this was announced, the previous government said it would consult on the position for those with incomes below £30,000 to ensure MTD was suitable. The Autumn Budget confirmed that the threshold will drop to £20,000 by the end of the current parliament (likely 2029), but for now there is no indication of which year this will apply to. HMRC’s guidance has been updated to reflect this.
Related Topics
-
Cutting the cost of a company car
You want to help your young son replace the ancient car he currently drives. The plan is for your company to buy it but for the running costs to be met by your son. That’s fine with him but is there a more tax and cost-effective alternative?
-
Meaning of “new and unused” clarified for CAs purposes
The guidance on what “new and unused” means for the purposes of first-year allowances has been updated in order to make things clearer. What’s the full story?
-
Scammers already targeting pensioners over winter fuel payments
Phishing attacks are already being sent to pensioners purporting to be from the Department for Work and Pensions (DWP). What’s going on and how can you avoid becoming a victim?
This website uses both its own and third-party cookies to analyze our services and navigation on our website in order to improve its contents (analytical purposes: measure visits and sources of web traffic). The legal basis is the consent of the user, except in the case of basic cookies, which are essential to navigate this website.