MTD for ITSA
To discover how practices are planning to address MTD for ITSA, Accountancy Age partnered with Sage to conduct a comprehensive survey of UK accountancy firms. We asked practitioners about the long-term benefits of MTD, the technological solutions clients will need to adopt and perceived opportunities for growth.
It’s taken over half a decade for the UK Government to realise its vision for a digitally led tax system. A constantly shifting political spectrum and a global pandemic forced HMRC to delay implementing Making Tax Digital (MTD) multiple times.
Finally after the successful launch of MTD for VAT in March 2021, HMRC has unveiled its roadmap to implement MTD for Income Tax Self Assessment (ITSA). The motion will come into force from April 2024, and requires sole traders, partnerships and landlords with an income over £10,000 to report their earnings quarterly rather than just annually.
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