The current situation with Making Tax Digital for Income Tax Self-Assessment – MTD ITSA, and what may happen next.
What is next for MTD ITSA?
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MTD ITSA
MTD ITSA
Making Tax Digital for Income Tax Self-Assessment
HMRC has widened the pilot and simplified the quarterly requirements of Making Tax Digital for Income Tax Self-Assessment or MTD for ITSA for taxpayers with gross income from self-employment between £10,000 and the £85,000 VAT threshold, but many are concerned that the trial is too limited, the timescale too tight and the detail too brief to mean taxpayers will be ready for the April 2024 deadline.
Making Tax Digital for Income Tax Self Assessment Update
Stuart Hulland, Partner at Bates Weston gives an update on the next phase of Making Tax Digital, MTD for Income Tax Self Assessment, now that the MTD VAT deadline has passed.
HMRC delays Making Tax Digital for ITSA
Although the government has delayed its plans for the introduction of Making Tax Digital for ITSA (Income Tax Self-Assessment), Bates Weston urges self employed and landlords to make the move to digital record keeping sooner rather than later.
Penalties for late submissions to HMRC
A recap of HMRC’s proposals to reform the penalties for late submissions to a points based system.
Chartered Institute of Taxation responds to HMRC’s consultation on basis period reform
A summary of the Chartered Institute of Taxation’s response to HMRC’s consultation on proposed basis period reform, allocating trading profits to tax years rather than accounting years.
Making Tax Digital for Income Tax
How will making Tax Digital for Income Tax – MTD ITSA – affect your business? An explanation of HMRC’s current proposals.
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