Making Tax Digital for Income Tax Self-Assessment (MTD ITSA)

Hello All, as you are aware that MTD VAT has already been implemented as compulsory from April 2022 for all the VAT registered businesses.

In the same manner, HMRC has also announced MTD for Income Tax Self-Assessment (ITSA), which will apply to individuals from April 2024. Any individual having a GROSS total income from self-employment and property of more than ￡10,000 in a tax year, need to follow ITSA rules.

Businesses and landlords who join MTD for Income Tax will need to send a quarterly summary of their business income and expenses to HMRC using MTD-compatible software.

Though there is no change in deadlines for finalizing tax affairs and tax payments as of now.

Please do get in touch, if you want yourself or your client to sign up now for MTD pilot ITSA and get ahead of things before it gets mandatory.