Updated: Nov 12, 2021
Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) will be coming into effect in April 2024 and will affect Sole Traders, Partnerships and Landlords with a gross income of over £10,000.
In order to be compliant with MTD ITSA sole traders, partnerships and landlords will be required to submit quarterly returns of their income and expenditure to HMRC through MTD compatible software. This will be followed by a final declaration at the year end.
You will be required to:
Sign up for MTD ITSA with HMRC
Keep digital records
File through MTS compatible software
Submit a Final Declaration to HMRC which will replace the Self-Assessment Tax Return
We will of course be on hand to help ensure you are compliant and have MTD compatible software.