Forrester Boyd E-News February 2025
February 19, 2025
HMRC are still planning to implement MTD for ITSA from 6th April 2026 and this time it does look like they will go through with it.
They will be writing to individuals they believe will be effected over the next few weeks. This will effect individuals with self-employed income and rental income, or a combination of both, where income is greater than ￡50,000. These individuals will be required to report quarterly to HMRC on their income and expenses. There are no planned changes as to when tax will be paid at this moment in time so we do not expect this to happen any time soon.
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From 6 April 2025, HMRC’s late payment interest rate will increase to 4% above the Bank of England base rate, meaning higher costs for overdue tax payments. The Official Rate of Interest (ORI) will also move to quarterly reviews, impacting businesses managing employee benefits.
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