SELF ASSESSMENT IS CHANGING & WE'RE ALREADY GETTING READY
For those who are Self Employed or Property Landlords, Making Tax Digital for Income Tax Self Assessment (MTD - ITSA) will soon completely change the way you report your business and property income.
Coming online in 2023, HMRC will require you to file quarterly digital submissions through approved software. This is an extension of the current MTD scheme for VAT, but will soon also apply to income tax for businesses and landlords who make over £10,000 a year, and for many replace the traditional Self Assessment.
HMRC are still to finalise the exact details, but we're already mobilising to get our clients ready for the biggest change to Income Tax reporting since the original introduction of Self Assessment in 1996.
Over the coming weeks we'll be writing much more about this and how we can help you. Our good friends at FreeAgent have been quick off the mark too, having led an excellent webinar on the subject this morning with lots of valuable information to assist with the transition.
The roll out of MTD-ITSA is inevitable, but we're embracing the change and will be proactive in supporting businesses and landlords in good time before the switchover.