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Cumberland and Westmorland Herald
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    Penrith man admits possessing cannabis twice with intent to supply

    Penrith man admits possessing cannabis twice with intent to supply

    Risks and strategies for flexible pension drawdown

    Risks and strategies for flexible pension drawdown

    Man arrested after fleeing from police in Penrith

    Man arrested after fleeing from police in Penrith

    £37.7 million to tackle potholes and upgrade roads

    £37.7 million to tackle potholes and upgrade roads

    Over £38,000-worth of fake goods seized at Appleby Horse Fair

    Over £38,000-worth of fake goods seized at Appleby Horse Fair

    New bid for Appleby stallion sculpture revealed

    New bid for Appleby stallion sculpture revealed

    18th century Eden pub sold as owners retire

    18th century Eden pub sold as owners retire

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    Tebay’s plans for battery storage unit

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    Pub landlord must remove Covid canopy

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    Double national triumph for Stuart Robinson

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    Patterdale’s Eden Eagles make history

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    Penrith teen crowned British vault champion

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    Penrith gymnasts represent North of England in finals

    New boss revealed for Penrith AFC

    New boss revealed for Penrith AFC

    Penrith Panthers celebrate winning season

    Penrith Panthers celebrate winning season

    Darren Edmondson leaves Penrith AFC

    Darren Edmondson leaves Penrith AFC

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    Lucy plays key role in county T20 triumph

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    Gold for Keith in annual festival of orienteering

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Home Expert advice
This article appears as part of a paid partnership with Armstrong Watson

Making Tax Digital for Income Tax – make time to prepare

by CWH
17 April 2023
in Expert advice, Sponsored
A A
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Dan Cozens, of Armstrong Watson

By Dan Cozens, accounting manager, Armstrong Watson

Although sole traders and landlords now have a further two years before they will be required to keep digital records and report these to HMRC, it may help further down the line if they start to prepare and familiarise themselves with the new process.

HMRC announced in December that Making Tax Digital (MTD) for Income Tax Self-Assessment (ITSA) would be delayed for two years, from April 6 2024 to April 6 2026, to ease the pressure on businesses facing a challenging economic environment. The income thresholds for compliance have also been revised.

Before the announcement, MTD for ITSA was due to be compulsory from April 2024 for individuals with income over £10,000 from self-employment and property, and from April 2025 for partnerships.

New compliance dates and income thresholds

Now, from April 6 2026, it will be compulsory for sole traders and landlords with income over £50,000 to meet MTD for ITSA requirements.

From April 6 2027, it will then become compulsory for sole traders and landlords with income over £30,000.

HMRC is still to confirm when those with income below £30,000 and partnerships will need to comply.

What is MTD for ITSA?

Those required must keep a digital record of their income and expenses and submit a quarterly report to HMRC using MTD-compatible software.

At the end of each tax year, any non-business income can be added and the return finalised. This will replace the yearly Self-Assessment tax return.

What does it mean for you?

For VAT-registered businesses that already submit MTD VAT returns, the additional quarterly reporting will be able to be done through their accounting software.

For non-VAT registered businesses who still manually process their accounting records a move onto accounting software will be required and it will be beneficial to migrate to digital reporting before it becomes mandatory to avoid penalties.

Irrespective of the delay it is never too soon to update your accounting process by moving onto accounting software. There are further benefits which include cash flow forecasting, pre-year-end tax planning, better monitoring and chasing creditors.

If you would like more information about MTD for ITSA and how to implement this process please contact dan.cozens@armstrongwatson.co.uk or call 07772812274.

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