Lentells Limited

CHARD 01460 64441 | SEATON 01297 20584 | TAUNTON 01823 286274 | PAYROLL 01460 68700
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Tuesday, 20 December 2022 15:37

MTD for ITSA Postponed

Making Tax Digital for Income Tax Self-Assessment (MTD for ITSA) has been postponed for 2 years until April 2026.

From April 2026, self-employed individuals and landlords with an income of more than £50,000 will be required to keep digital records and provide quarterly updates on their income and expenditure to HMRC through MTD-compatible software.

From April 2027, self-employed individuals and landlords with an income of between £30,000 and £50,000 will need to comply with MTD rules.

MTD for ITSA will not be extended to general partnerships in 2025 as previously announced. More details regarding this will be announced at a later date.

The new penalty system will come into effect for taxpayers when they become mandated to join MTD. 

More information can be found on HMRC's website.

Last modified on Tuesday, 20 December 2022 16:06

        

 
 

Chard Office

17-18 Leach Road 
Chard Business Park 
Chard
Somerset 
TA20 1FA

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01460 64441

Seaton Office

Kingsway
50 Fore Street
Seaton
Devon
EX12 2AD

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01297 20584

Taunton Office

Ash House, Cook Way
Bindon Road
Taunton
Somerset
TA2 6BJ

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01823 286274