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Making Tax Digital for Income Tax Self Assessment

Elements of self-assessment are changing.

Certain taxpayers will soon be required to be within Making Tax Digital, one of the biggest tax procedural changes they have ever had to deal with.

April 2024 will see the introduction of Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA).  From this date, partnerships excluded, all unincorporated businesses and individuals with gross trading and/or property income over £10,000 will be need to:

  • Keep records of income and expenditure digitally
  • Submit quarterly updates to HMRC through compatible software
  • Submit an end-of-year report to HMRC through compatible software

As you would expect, our aim is to guide our clients through this transition and we will be in touch with you soon to explain how the new system will affect you and outline any steps you will be required to take.

In the meantime, you can find out more information about MTD for ITSA at https://www.gov.uk/government/collections/making-tax-digital-for-income-tax-for-businesses-step-by-step or speak to your Client Service Director or Manager if you have any questions.