The countdown is still on for MTD (Making Tax Digital) for ITSA, are you one of the 4.2million taxpayers affected? Use the Christmas period to start your digital journey.
It was officially announced on 19 December 2022 that MTD for ITSA had been delayed until April 2026. However, the countdown is still on for making tax digital for income tax self-assessment, but you have more time to prepare.
So, why have we included this fairly unfestive piece of news in Gravita’s Christmas content you may rightly ask? Well, we hope that you, like the Gravita team, will be taking some time off work over the festive period. If you fall into the category of being a landlord or unincorporated business, life is probably looking fairly hectic for 2024 and you have another busy year ahead. If you fall into this category, and you are not maintaining your records digitally through an HMRC approved cloud accounting system, as required by HMRC’s guidelines, the Christmas and new year period could be a really good time to start to think about this and speak to friends and family who may be in the same boat, but already on their digital journey.
We highly recommend digitalising your systems now so you are MTD ready and can start to enjoy the benefits of managing your record keeping processes online. This will then mean you are ready to sign up and submit digital and accurate records to HMRC, on a quarterly basis so as to comply with MTD for ITSA. Once you are digitalised, we’ll be putting on some webinars nearer the deadline to help with the submissions and to make sure you have all the tools in place and know exactly what you need to do from April 2026.
So, if you are affected by MTD for ITSA and you need to move away from paper records, please do use the Christmas break to think and start to act on this.
What next?
If you would like to discuss Making Tax Digital, call 020 3514 3215 to arrange a complimentary meeting or contact us today, and we will be on hand to guide you through the upcoming changes.
