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Currently landlords and the self-employed submit an annual tax return to HMRC.
A new system is taking over in 2024. Making Tax Digital for Income Tax Self-Assessment (MTD ITSA) will mean more frequent submissions to HMRC. We’ve outlined the plans below. Read on to learn if you’ll be affected.
Contractors are running out of time to comply with HMRC’s new Making Tax Digital (MTD) initiative, which requires them to keep digital accounting records and use approved software to submit tax information to HMRC.
The first MTD deadline, for limited company contractors that earn over the £85,000 VAT threshold, is just a little over six months away.
From April 2019, these contractors will no longer be able to submit their VAT return manually with HMRC’s ‘direct tools’. Instead they will have to use HMRC-compliant software like FreeAgent or Xero to keep digital records and automatically submit their VAT returns.
