It has been announced today (23/09/2021) that the planned rollout of MTD for Income Tax and Self-Assessment in April 2023 has been delayed until April 2024.
I would assume that quite a few of our clients have not yet heard much about MTD ITSA and this is because we had decided not to talk to too many of our clients about this to date. The reason behind this is we did not want to start to worry any of our clients about this yet until we have figured out exactly who is affected and how this would work. We also suspected that there could have been a delay in the rollout of MTD ITSA due to the Coronavirus.
MTD ITSA will be mandated for businesses and landlords with a businesses income of over £10,000 per annum in the tax year beginning in April 2024. We are expecting this to affect the majority of our client base.
General partnerships however will not be required to join MTD ITSA until the tax year beginning April 2025.
We will be contacting all of our clients who we believe will be affected by MTD for Income Tax and Self-Assessment by the end of April 2022 to discuss how this will affect you and what we will be doing to help.
You can find out more about the postponed MTD ITSA by going here.